Tired of the Cold Winter Weather? Come to Salt Springs & Florida Sunshine

Posted by Duke Rountree on
Salt Springs, FL in Ocala National Forest
NO winter weather here on January 4th 2014. Fishing on Lake Kerr in Salt Springs, FL compliments of Rountree Realty

If you have never been to Florida during the months November – February you sure are missing some great weather and many outdoor activities including fishing, camping, hiking, horseback riding and for those used to waterskiing in the cold our lakes are ready to be shredded up. Yesterday, January 4th was one of those days. My wife and I enjoyed some fishing on Lake Kerr, Salt Springs, Florida and the weather was high 70’s and fish were biting. We caught a nice largemouth bass and chain pickerel(“Jack” fish for local terminology). Why am I telling you all of this? Because we have some GREAT, reasonably priced homes for sale on and off of the water right here in the Heart of the Ocala National Forest .

Salt Springs, Florida Properties for Sale

 

Foreign Home Buyers Continue to Identify U.S. as Profitable Investment, Realtors® Report

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Foreign Home Buyers Continue to Identify U.S. as Profitable Investment, Realtors® Report

 

According to the National Association of Realtors® 2013 Profile of International Home Buying Activity, interest in U.S. properties continues to grow, signaling that America continues to be regarded by international buyers as a great place to own property. International sales have declined a bit in the past year, but are at their second highest level in recent years. Difficult economic conditions, particularly in Europe, have impacted foreign buyers abroad and here at home tightened credit standards and low housing inventories have made finding a house more difficult. However none of these factors appear to be permanent. Total international sales were $68.2 billion, with 51% of foreign buyers with permanent residences outside the U.S. and 49% who are recent immigrants or temporary visa holders.

Five states made up 61 percent of reported purchases; Florida (23 percent), California (17 percent), Arizona (9 percent), Texas (9 percent) and New York (3 percent). About half of foreign buyers preferred to purchase in a suburban area, while a quarter preferred a more central city/urban area. A majority purchased a detached single-family home and 63 percent used all-cash. Based on the reported international transactions, the mean and median prices of purchases were higher when compared to purchase prices of domestic buyers. For the 12 months ending March 2013 the median international home price was $275,862 and for domestic buyers it was $179,867. The types of homes purchased by international buyers frequently tended to be different from the types of homes purchased by domestic U.S. buyers. “Some are looking for trophy properties while others are interested in modest vacation homes,” said  NAR President Gary Thomas. International buyers are more likely to be substantially wealthier and looking for a property in a specialized niche. International buyers also tend to cluster in locations based on their origin and many other factors including proximity to home country, relatives and friends, jobs, education and climate.

 

“Realtors® provide international buyers with a significant advantage when purchasing property in the U.S.. Realtors® who have earned NAR’s Certified International Property Specialist designation have received specialized training and are well prepared to service the international market,” said Thomas.Source: Realtor.org, News-releases, 2013, Foreign Buyers Leanne High

 

“What is right is more important than who is right.”

– John Wooden

 

Majestic Oaks / 5625 SW 85th Place Ocala FL 34476MLS 400129

Posted by Duke Rountree on

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Stunning home with soaring cathedral ceilings, many plant shelves, as you enter you will notice the tile floors throughout foyer and living room. From the living room enjoy the pool views through with triple slider overlooking pool and waterfall(currently needing repair). Custom kitchen with lots of counter space, storage, center island and stainless appliances(including microwave, range, and dishwasher). Entertain in the formal dining room and relax in the study/den after long day. Spacious master suite includes slider to pool, his and hers closets, master bath has lots of counter space double sinks w/ marble tops, and glass shower enclosure. Home needs some TLC but priced accordingly and ready for new owners.

MLS 400129.  Asking Price $144,500

FHA’s Back-to-Work Program Helps Foreclosed Owners Get Second Chance

Posted by Duke Rountree on

upside down house

FHA’s Back-to-Work Program Helps Foreclosed Owners Get Second Chance

 

Foreclosed owners in Ocala/Marion County can get a second chance at homeownership sooner rather than later. The Federal Housing Administration recently announced the shortening of the waiting period for qualified borrowers who had a bankruptcy, foreclosure,  deed in lieu of foreclosure, or short sale who are in the market to buy again. To qualify under the FHA’s Back-to-Work Program homeowners must show that they have their finances back in order and they must receive counseling from a HUD-approved agency. The counselors provides borrowers with household budgets and customized action plans showing them how to manage money and financial obligations to prevent future failures.The details of the program claim if the buyer meet the criteria they can apply to buy a property in as little as a year.

“The Back to Work program is a great opportunity for us to help those impacted by the recent housing crisis,” Heather Shanahan, a representative with a HUD-approved housing counseling agency      called Springboard, told HousingWire. “Our goal in our counseling sessions is to enable the borrower to better understand their loan options and the obligations.” I think what gets lost in many of these programs is the fact that many, if not most, did not make the decision to make bad financial decisions. There were many factors that played a role in the recent economic downturn and unfortunately many Americans paid the financial price. FHA, Fannie Mae and many other lending institutions created the mess by offering loans that were not safe for themselves or the public they were offering them too.

I have said before and i will say again, “Low down loans did not lead to the housing boom and eventual bust!” It was the exotic 1-2-3 A-R-M loans, No Income Verification and on and on. It was so easy to get a home, anyone could and most did! With the added demand the prices skyrocketed over a few short years. Then the A-R-M loans started coming due and the values were not there and the job market slowed or died all together. It was simply a bad combination for many Americans and I hope more programs will come along to help folks become homeowners again soon.

Want to learn more about one of these programs? Contact Me Today 352-572-1739

Many Lenders Are Loosening Down Payment Requirements?

Posted by Duke Rountree on

What does this mean for the Ocala Housing Market?

I personally think this is great news for the Ocala housing market. We have some of the lowest wages in the state of Florida and it can be
very difficult for a family to save for a large deposit. Many will argue that the recent mortgage troubles were brought on by the low, or zero, down loans, but I disagree. Many lenders were following the governments lead in offering such products as zero down and no income verification. That’s right, NO INCOME VERIFICATION! I saw it first back in the late 90’s to early 2000’s with Fannie Mae loan products tailored to meet the needs of workforce, or called “Workforce Housing.” The name sounds great and initially the program sounded like a great idea. Lets reach out to people who are teachers, nurses, law enforcement and on and on and on; they decided to make loan products to simplify the entire process. However, what started as a great idea kept growing to include too creative and too exotic of loan products. The banks and lending institutions really had no choice but start offering ALL of these products or miss the boat on profits from all of the newly qualified pool of buyers.

Just because the loan down payments are low does not mean the buyers will default. Since 2006 buyer have been experiencing very tight lending standards and it has been sidelining many potential buyers the last few years. “Lenders are putting more focus on purchase mortgages and are adjusting minimum requirements to attract borrowers,” says Doug Lebda, LendingTree founder and CEO. “With home values improving, the risk of borrowers defaulting on loans has decreased, giving lenders more confidence to lend with less cash down from qualified borrowers.”  The average down payment on a 30-year, fixed-rate mortgage fell 2.74 percent from the second quarter to 15.73 percent of the home’s value in the third quarter, according to a new report from LendingTree.

Many banks are now offering 5-percent down loan payments with Bank of America, Wells Fargo and TD Bank all jumping in, however many are still requiring PMI(Private Mortgage Insurance) until 20% equity is gained on the home. I firmly believe people are better to be homeowners than renters. It has traditionally been the greatest source of increased wealth in America. I know the last 6-7 years things have not went in the right direction, but it is still a better future investment to own a home instead of renting. Not to mention with rental rates increasing year over year, you can buy a home including taxes and rent for cheaper than you can rent a comparable property.

Where is the historic district in Ocala, Florida?

Posted by Duke Rountree on

Google Maps

The Ocala Historic District – Ocala, Florida is rich in history and architecture for many reasons and has a unique collection of historic structures. The district covers 173 acres and includes over 200 historic homes and structure, and was added to the National Registry of Historic Places in 1984. The historic district boundaries include Broadway, SE 8th, Silver Springs Place, SE 3rd St., 13th, and Watula and centers along Ft. King Street. If you visit the downtown area make sure you stop by the “Rheinauer House” once known as the Seven Sisters Inn, this house is one of America’s “most haunted.” The historic district began along the original Fort King Road back in the 1820’s to connect old Fort King with Fort Brooke in Tampa. Many arrived via paddlewheel steamboat after a 1870 glowing journal about Silver Springs. Not long after the railroad came into Ocala and in 1880 beautiful and quite large homes began to grow.

If you want to learn more click here: Ocala Historic District
2011-12-04 14.02.13

Banks Now Offering 5% Down Loans

Posted by Duke Rountree on

What does this mean for the Ocala Housing Market?

I personally think this is great news for the Ocala housing market. We have some of the lowest wages in the state of Florida and it can very difficult for a family to save for a large deposit. Many will argue that the recent mortgage troubles were happy housebrought on by the low, or zero, down loans, but I disagree. Many lenders were following the governments lead in offering such products as zero down and no income verification. That’s right, NO INCOME VERIFICATION! I saw it first back in the late 90’s to early 2000’s with Fannie Mae loan products tailored to meet the needs of workforce, or called “Workforce Housing.” The name sounds great and initially the program sounded like a great idea. Lets reach out to people who are teachers, nurses, law enforcement and on and on and on; they decided to make loan products to simplify the entire process. However, what started as a great idea kept growing to include too creative and too exotic of loan products. The banks and lending institutions really had no choice but start offering ALL of these products or miss the boat on profits from all of the newly qualified pool of buyers. Just because the loan down payments are low does not mean the buyers will default. Since 2006 buyer have been experiencing very tight lending standards and it has been sidelining many potential buyers the last few years.

“Lenders are putting more focus on purchase mortgages and are adjusting minimum requirements to attract borrowers,” says Doug Lebda, LendingTree founder and CEO. “With home values improving, the risk of borrowers defaulting on loans has decreased, giving lenders more confidence to lend with less cash down from qualified borrowers.”  The average down payment on a 30-year, fixed-rate mortgage fell 2.74 percent from the second quarter to 15.73 percent of the home’s value in the third quarter, according to a new report from LendingTree.

Many banks are now offering 5-percent down loan payments with Bank of America, Wells Fargo and TD Bank all jumping in, however many are still requiring PMI(Private Mortgage Insurance) until 20% equity is gained on the home. I recently closed on a transaction with Campus Credit Union on conventional loan for 5% down. Traditionally a conventional loan would of required a minimum 20% down payment. I firmly believe people are better off to be homeowners than renters. It has traditionally been the greatest source of increased wealth in America. I know the last 6-7 years things have not went in the right direction, but it is still a better future investment to own a home instead of renting. Not to mention, rental rates have  increased year over year, you can buy a home including taxes and rent for cheaper than you can rent a comparable property.

Rountree Realty and our agents can help you secure some great financing. Give us a call, text or email us for a list of options.

New HUD Rule / More Eligible for Mortgages? Maybe Not!

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New HUD Rule / More Eligible for Mortgages? Maybe Not!

 

WASHINGTON – Sept. 16, 2013 – Federal housing authorities want to make it easier for people who lost their homes due to bankruptcy or foreclosure as a result of the economic downturn five years ago to qualify for a new mortgage – sooner rather than later. The Department of Housing and Urban Development(HUD) last month changed its rule requiring a 3 year waiting period for people who have lost their home due to foreclosure or bankruptcy, opening the door for them to buy another home in only one year as long as they have fixed whatever financial problem caused them to lose the previous home.

 

This is an effort to help boost the housing industry, which is a major part of jump-starting the economy.” “Three years can be a long time for a family to wait for a loan, and putting money into a rental instead of an investment can result in a loss,” said Don Frommeyer, president of the National Association of Mortgage Brokers in Plano, Texas. At a time when interest rates are ticking up and new mortgage applications are on the decline, the rule change could make more people eligible for mortgage loans, even if their credit was ruined during the Great Recession. But the Achilles’ heel of the rule change is that banks and other mortgage lenders are not required to abide by it.

 

What does this all mean for you? Well probably not much because banks are still very reluctant to stray far away from their current standards. Most lenders currently have more stringent requirements than HUD does anyway. Banks are now a little too overly cautious and scrutinize every details of a consumers credit and history. All because they, banks, were more worried with the value of collateral rather than the creditworthiness of the borrower. Contact your local REALTOR today for assistance in finding a great lender to help with a mortgage or refinance today.

 

To buy, or not to buy pre-1990 home

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Did you know that more than 70% of the U.S. single-family homes were built before 1990 – but only 60 percent of the 2013 sales year-to-date were for homes built before 1990. Of course all things are “local” when talking real estate and the likelihood  of purchasing an older home varies by state with 14 states having sales up 80% year-to-date 2013 for pre-1990 homes. According to RealtyTrac homes built in 1990 or later sold at an average price of $256,292 year-to-date in 2013 while homes built before 19190 sold at an average price of $233,221.

“The high percentage of homes that are at least 20 years old and likely in need of some major repairs is eye-opening,” says Jake Adger, chief economist at RealtyTrac. “However, given the low inventory of homes available for sale in today’s market, this challenge of aging U.S. housing supply can also be an opportunity for buyers looking for a bargain and homeowners looking to update their living space and improve the value of their homes.”The lower price point on older homes is not surprising given many are in need of some rehab and are more likely to have maintenance issues,” Adger says. “But this also presents an opportunity for buyers willing to take on that older inventory. Those buyers can purchase at lower price points and face less competition from institutional investors.”

SO what is the solution? Maybe it’s the government-backed rehab financing loan known as the FHA203(k) program. These loans allows owner-occupant buyers to finance the purchase, rehab, and upgrade of an older home, while allowing for all of the rehab cost to be rolled into the loan. This program is underused in my opinion because there is a lack of experienced lenders with experience in 203k program, the difficulty of meeting all of the requirements, and the additional upfront and closing cost involved in completing the purchase.

The perception that a new homes have less issues compared to pre-1990 homes is not always true either. Of course every home is built with codes and permits in place to ensure minimum or basic standards that every  home is safe, sound and secure. The reality is many of the older homes can be a great value and remodeled to meet current customers wants and needs.

SEARCH FOR A NEW HOME or JUST BE A NOSY NEIGHBOR AND CHECK OUT THE HOUSES AROUND YOU! [wnt_search title=”QuickSearch” /]

CLICK HERE >>>  http://search.ocalarealtyonline.com/

Source: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=298796

⅓ of All U.S. Foreclosures in Florida

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⅓ of All U.S. Foreclosures in Florida

 

167,680 vacant(abandoned) homes make up about 20% of all U.S. properties that are somewhere in the foreclosure process and sit ready for new owners but the banks do not own the homes yet. Florida also leads all states with the most owners abandoning their home before the lender officially take it back. Out of the 544,274 bank-owned homes nationwide, at least 55,503 Florida homes still sit empty and will remain so until they have been officially foreclosed and sold to a third party.

 

Florida also accounted for the most vacant foreclosure by zip code- 85 of the top 100 nationally, led by zip code 34668 in the Tampa/St. Petersburg metro area. Indiana, Oregon, Nevada, Washington, and Georgia are states where the percentage of owner vacated foreclosures was above the national average of 20%. Vacancy rates were higher on lower-end foreclosures: 29 percent on homes valued below $50,000 and 25 percent on homes valued between $50,000 and $100,000. However, 12 percent of homes valued $1 million or more were vacant.

 

“Efforts to prevent unnecessary foreclosures and mitigate their impact on home values have resulted in a foreclosure process that takes an average of 477 days nationwide, and more than two years in some states – which is holding many of these must-sell properties off the market,” says Daren Blomquist, vice president at RealtyTrac.“Even if all these homes flooded the market simultaneously, they would likely not cause the once-feared double dip in prices given supply constraints from non-distressed sellers and stronger demand,” he adds. “Given these market dynamics, it’s not surprising to see that Florida, Illinois and New Jersey – states with three of the four longest foreclosure timelines – have all had laws take effect in the last six months that speed up the foreclosure process on vacant properties. These laws should help provide some extra supply and possibly help reduce the threat of another housing price bubble forming in these markets.”

 

“Make Greatness Attainable By All” John Wooden