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

HOT Sales Activity in Ocala

Posted by Duke Rountree on

Today I am going to be talking about a few areas of Ocala experiencing a little heatwave on our “Trend Maps.” Something we have not been experiencing for the last couple weeks here in the Horse Capital of the World, Ocala, Florida. What are trend maps? A trend is a general direction something is going and combined with a map provides a look at “Sales Activity” based on zip codes. The statistical data is overlaid onto a map and provides a more visually geographical representation compared to simple data chart. The trend map included here shows the “HOT” areas for “Sales Activity” right now are 34472(Silver Springs Shores), 34476(Shady Hill area, Ocala), 34481(Leroy area, Ocala) and 34491(Summerfield.)

34472,34476,34481,34491,
Sales Activity Map Trend for Ocala, FL

I also thought it would be interesting to look at the median DOM(Days on Market) to contract, for these same zip codes. Notice the trend for most of the zip codes have gone down from the same time last year. The only zip code experiencing a longer days on market is Silver Springs Shores area due to the higher foreclosure rate and over supply. So we are seeing these areas experience higher sales activity and less days on the market to contract. If your a seller it is a great time to “SELL.” If your on the fence about selling it might be time to talk to a great local REALTOR, me, and find out if the time is right for you. If your a buyer and you want to buy in one of these zip codes, It’s time to get with your preferred lender, get on the phone, text or email me.

Days On Market To Contract
 

 

CHOOSE A SEASONED REALTOR PROFESSIONAL TO SELL YOUR HOME

Posted by Duke Rountree on

MLS_Clear

WHY CHOOSE A SEASONED PROFESSIONAL? WE HELP YOU SELL YOUR HOME FAST AND FOR TOP DOLLAR….

There’s nothing wrong with saving a few cents here or there, but when it comes to seeking medical help, building a decent stock portfolio, or dealing with something as ugly as an IRS audit, it’s better to seek out a professional’s advice.

Buying or selling real estate also fits in that category. Remember, you’re dealing with one of the largest assets you’ll ever own! Don’t waste time doing it the “self-service way.” This is an important and life-affecting decision! To insure a fast sale for top dollar or to find a home that matches your criteria for a reasonable price, work with a seasoned professional.

I have nearly 13 years of experience working with buyers and sellers right here in Marion County, and I’ve earned several of advanced learning designations including Graduate REALTOR Institute, At Home With Diversity, GREEN  available to real estate agents. In fact, I’m one of just a few agents in the area with a broker’s license. What does that mean for you? My advanced education and experience helps me zero in on your highest priorities, create innovative and effective marketing programs guaranteed to attract attention to your home, and put transactions together for a worry-free closing day.

I have lived in the Marion County area since 1986, and my family has owned property on Lake Kerr & we vacationed here since the early 70’s. I have a passion and desire to be the TOP RESIDENTIAL REALTOR® in the area.

Over the years, I have helped hundreds of families buy and sell real estate. I will be happy to provide you with a long list of satisfied clients who attest to my professionalism, my expertise, and my attention to every detail.

 Call me today at 352-572-1739 for a FREE, no-obligation report on “How to Prepare Your Home for Sale.” No hard sale, just solid ideas to put more money in your pocket.

 John Wayne “DUKE” Rountree / GRI, TRC, AHWD, GREEN

 

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

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

To buy, or not to buy pre-1990 home

Posted by Duke Rountree on

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

Posted by Duke Rountree on

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

3 Tips For Landing a Mortgage

Posted by Duke Rountree on

What is happening with todays current mortgages and how did we get there?

I can tell you one of my most challenging obstacles is financing. The banks/ lenders went from the “fog the mirror” loans to overly strict lending requirements. What is a “fog the mirror loan? Back in the good old days if you could breath and fog a mirror the bank would just ask how much you earned(which you did not have to verify, by the way) and the lender would qualify the loan based on no income verification or documentation. Simply qualify for the 0% first year months payments and it was yours. Now we have good people, with good jobs, money saved and finding it difficult to get a mortgage. I have even had buyers with enough cash to pay for a property outright to be told by the bank they could make the loan. If you are an entreprenur or private business owner good luck getting a decent mortgage.

What can you do to get a mortgage today?

Hope, Pray, Beg….. No not really but be prepared and shop around.

1.) High Credit Scores Count- surprise the lowest interest rates go to the ones with the highest credit scores of 760 or higher. Make sure you don’t open lines of credit or loans for at least 3 months prior to shopping for a loan. Also, try to pay off loan balances — “One large balance — even if it’s paid off at the end of the month — can ding your score by 20 points or more,” according to the article at Money Magazine.

2.) Gather plenty of quotes. Shop around, it can pay off big! Gather at least 6 quotes from lenders on rates because they can vary between lenders. Request quotes from local, regional and even online vendors like www.quikenloans.com or www.rpfunding.com. MOST IMPORTANTLY! Ask about the closing cost, they can vary from 2-3% of the loan amount.

3.) Lock in the Rate. When you chose the lender make sure to lock in the rate. During this period the lender agrees to not raise the rate within a certain time period. Make sure you check with your REALTOR and lender to verify how long the loan will take to close so you know how long to set the lock in rate for.

Lastly, ask for referrals to local professionals that can help. Ask ME! I have several preferred mortgage folks with different banks to serve your needs.

“Until Next Time”

Source: “For Your Customers:…” REALTOR Mag May 2, 2012 http://realtormag.realtor.org/daily-news/2012/04/30/for-your-customers-3-tips-for-landing-mortgage