Existing Home Sales Continue to Rise In October 2014

Posted by Duke Rountree on

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.

 

https://www.homesforsaleocalamarion.com/wp-content/uploads/2015/01/Ocala_MSA_Single_Family_Homes_2014-10_Summary-2.pdf

 

MORE..Mortgage Modification Options

Posted by Duke Rountree on

Are you two or more years late on your mortgage payments?

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.

Where can you find help? http://www.fhfa.gov/Homeownersbuyer/MortgageAssistance or http://www.harp.gov/

Source: floridarealtors.org and Copyright © 2014 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.

 

July Pending Homes Sales Rebound and July Monthly Market Report

Posted by Duke Rountree on

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

https://www.homesforsaleocalamarion.com/wp-content/uploads/2014/09/JULY-Marion_County_Single_Family_Homes_2014-07_Summary.pdf

7 Tips for IRS Home Tax Breaks(Possibly?)

Posted by Duke Rountree on

IRSThese 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.

  1. Mortgage Interest Deductions – mortgage must be secured by your home(it can be house trailer or boat as long as you live, sleep, eat and it has a toilet.) “Schedule A”
  2. Private Mortgage Interest Deductions – ONLY applies to post 2007 mortgages and expires in 2013 otherwise know as PMI and included in low down payment mortgages – “Schedule A”
  3. Prepaid Interest Deductions – (Or Points) 100% of money you paid when you took out the mortgage is deductible – “IRS Form 1098” and “Schedule A”
  4. Energy Tax Credits – HAVC, Insulation, Roofs, Windows, Doors and Skylights could all qualify for dollar-for-dollar reductions – “Visit Energy Star website” and “IRS Form 5695”
  5. Vacation or Second Home Deductions – These rules are complicated and depending on the use of the property the forms differ.
  6. Property tax Deductions – Real estate property taxes. Check your escrow account records or if you bought this year check your HUD-1 Statement – Schedule A”
  7.  Homebuyer Tax Credit for purchases made between 2008-2010 are now due for repayment. Do not panic!! It must be repaid 1/15th of the credit for 15 years, with no interest. This rule can get a little tricky to depending on which year you bought and if you are uniformed service member. Use this “IRS Tool” to find out more.

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

Student Loan Debt and Buying a Home!

Posted by Duke Rountree on

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.

High Student Loan Debt and Buying a Home

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.

Check out homes for sale in your area – HERE!!  

How Important Is a 3rd Bedroom or 2nd Bathroom in Ocala Marion County?

Posted by Duke Rountree on

How Important Is a 3rd Bedroom or 2nd Bathroom in Ocala Marion County?

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.

What Are Benefits of Working with REALTOR® & Rountree Realty

Posted by Duke Rountree on

What Are Benefits of Working with REALTOR®rlogo

 

Experience: The typical REALTOR® has 11 years of experience 80% of REALTORS®  have over 6 years. With an average of 8 transaction sides closed per year, the knowledge your REALTOR®  possesses is invaluable in the success of residential and commercial advertising, appraising, renting, leasing, buying, selling, auctions or exchanges.

Education: Real Estate Associates must complete 63 initial hours of education before licensure and an additional 45 hours before 2 year anniversary. Brokers must have 2 years experience in real estate field and complete 72 hours of coursework to obtain Broker license with an additional 60 hours to completed within 2 years. Also, 30% of REALTORS have a Bachelors or some college experience.

Local Expert: A Realtor that specializes in a local market will know things that are not appearing on the listing information online; they’ll know more about the neighborhood. Letting a Realtor take what is a very emotional decision and apply objective criteria is one of the largest benefits.And when it’s time to write an offer, they’ll know what other properties have sold for and the intricacies of those properties, the differentiating features, so then you can get the best deal for your money.

So I would say it’s ok to shop on your own, but absolutely retain a trained professional REALTOR® for one of the most important purchases that you’ll make in your entire lifetime.Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR) can call themselves REALTORS®. All REALTORS® adhere to NAR’s strict Code of Ethics, which is based on professionalism and protection of the public. That’s why all real estate licensees are NOT the same. “Dedicated to serving America’s property owners at local, state, and national levels, the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, is the largest professional association at 1 million members strong. So, whether you’re buying or selling a home – it pays to work with a REALTOR®. Look for the REALTOR® logo when choosing your real estate agent. -Courtesy of NATIONAL ASSOCIATION OF REALTORS®”

“Perform at your best when you best is required. Your best is required each day.” John Wooden

UPDATE March 2014 Flood Insurance Passes Senate – More Needs Done

Posted by Duke Rountree on

UPDATE – March 21, 2014 President Obama signed the “Homeowners Flood Insurance Affordability Act” into law. This law repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned the of the rate increase. What does the bill do? It limits premium increases to 18% annually on newer properties and 25% for some older properties. The bill also adds a small assessment on policies until everyone is paying full cost for flood insurance.

Just 12 days ago the FEmaCongress passed a law authorizing FEMA to make the program more fiscally sound. The results are hurting homeownership and this bill is aimed to stop implementing the changes, so it can better get a handle on how the rates are calculated and create an advocate group so consumers can get help. Our NAR Realtors have sent 80,000 letters to members of congress fighting for home owners rights. This issue is especially of great importance to the State of Florida.

Please contact your House of Representative today, Find “Your” House of Representative 

Austin Perez an Environmental Policy Representative for National Association of REALTORS writes: This bipartisan legislation, an NAR member priority, calls for a 4-year timeout on rate increases triggered either by a property’s sale or a flood map update for a property with previously grandfathered rates. NAR provided Congress with expert testimony suggesting that many of these increases are excessive and inaccurate. The bill also creates a flood insurance advocate within the Federal Emergency Management Act (FEMA) to investigate home owner complaints of multiple different or excessive rate quotes. The Senate vote sends the measure to the House of Representatives, where Reps. Grimm (R-NY) and Waters (D-CA) have already built an impressive list of 181 co-sponsors in favor of the bill; a total that is 30 votes shy of a House majority NAR will redouble its efforts there to persuade the House leadership to bring a similar bill up for a floor vote at the earliest opportunity.

If you want to find out more details and search if your home will be affected by flood zones please click: >>>“SEARCH HERE” FEMA Map Services

 

UPDATE Source: www.realtor.org/articles/presidentobamasignsfloodinsurancebillintolaw By: Russell Riggs, AustinPerez

Farm Bill Extends USDA Rural Housing Program

Posted by Duke Rountree on

Yesterday the Senate approved the “Farm Bill” which was approved last week by the House. What does this mean for Ocala(Outside city limits) and surrounding areas including Silver Springs, Anthony, Fellowship, Belleview, Sparr, Anthony, Fort McCoy and many more Marion County locations. USDA home loans provide Section 502 loans which are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities. The maps below show the current eligible areas and the future eligible areas. Notice I don’t like to talk about the areas that are not included because there are so many that are included. If you need help figuring out which loan program fits best for you contact me, Duke Rountree 352-572-1739(Phone or Text) I have also included the local USDA office information below for additional details.

If you want to find out what area are eligible you can enter and address HERE to check.

Are you interested in finding out if you qualify for a USDA Home loan? START HERE

Eligibility / Rural Housing Property EligibilityEligibility / Future Rural Housing Property Eligibility

RD  AREA OFFICE
OCALA SERVICE CENTER-RD
2441 NE 3RD ST STE 204
OCALA, FL 34470
(352) 732-7534
(352) 732-9243 Fax
Mailing Address:
USDA RURAL DEVELOPMENT
2441 NE 3RD STREET, SUITE 204-1
OCALA, FL 34470
Roderick Quainton
Area Director
(352) 732-7534
(352) 732-9728 fax
roderick.quainton@fl.usda.gov

Home Loans 101

Posted by Duke Rountree on

Home Loans 101

"Image courtesy of Stuart Miles / FreeDigitalPhotos.net"
“Image courtesy of Stuart Miles / FreeDigitalPhotos.net”

It is a fact there are fewer opportunities available for mortgages today, than during the housing boom years. However, there are many options still available in todays market and we will discuss the different types of home loans available.

#1 Fixed or Adjustable Rate Home Loan

  • Fixed-Rate: This type of loan carries the same interest rate for the entire length of the loan and the interest portion of payment is included in monthly payments. In short, this type of mortgage guarantees fixed interest rate and fixed monthly mortgage- for entire life of loan.
  • Adjustable-Rate(ARM): Also called a “hybrid” loan because they start with a fixed rate for a certain period of time and after that period, the rate will start to adjust.

#2 Conventional or Government Loan

  • Conventional: not insured by the government in any way and is made in the private sector with no form of government backing. If you can afford a 20% down payment, you can avoid mortgage insurance which is required on loans that make up more than 80% of the purchase price.
  • Government: these types of loans are actually government-backed loans and insured by some type of federal agency

-FHA mortgage requires 3.5% down, is more lenient than conventional loans and could be the best option for below-average credit score or other qualification problems.

-VA mortgage is reserved for military service members and their families. It can be used to finance 100% of the home purchase, eliminating the need for a down payment.

-USDA mortgage is reserved for people who live in certain parts of the country. There are also income restrictions as well and designed for low-income residents of rural areas.

So.. what is the right type of mortgage for you? Start by answering these few questions and you will be on your way to find your perfect mortgage. How much do I have for down payment? What is my credit score? How long do you plan on living in home?

This article is not all-inclusive and should only be used as guide. I would encourage you to make a phone call or visit one our of local REALTORS offices for additional information and a referral to a trusted loan professional in the area. The more information you learn, the easier it will be to find the right loan type for your needs.

GOOD LUCK!!