Sales are heating up!

Posted on by Eric Larkin

We have seen it coming…but it’s been since August 2005 since we have seen anything like this…that was the last time we sold over 1,000 properties in a month here in Brevard County. Inventory is low…just over a 3 month supply…and over 30% of the homes on the market sell every month. What does this mean to you? It really depends on if you are a buyer or a seller…Seller’s are seeing more showings early in the marketing…and they are even seeing multiple offers again!! This of course will be pushing the values up. If you are a buyer…you need to be prepared…homes are selling quickly…and OVER asking price…With that said…it is still cheaper to own than rent…

So, whether you are considering buying or selling a home…you need an experienced agent working for you…I can help! Give me a call or email me Eric@EricLarkin.com .
Market pulse April 2013

 

 

2012 Real Estate In Review

Posted on by Eric Larkin

2012 was a great year for real estate. Short sales and foreclosure have dominated the headlines…the reality is that they only account for 49% of our sales. The traditional seller makes up 61% of our residential sale for 2012. The buyers have come back, interest rates are ridiculously low, and our inventory is also very low. Because of this, our prices have stabilized and even gone up in areas, we are seeing multiple offers again, and homes are selling in days, not months.

Looking at the Brevard Market Pulse for the year you can see the consistency that has come back. Inventory has held right around 3300 all year. We are seeing 1200 new homes on the market every month. We are selling about 800 homes every month, which gives us about a 4 month supply of homes.

4th Qtr 2012

I will be following up with a more detailed breakdown of the numbers. Seeing what the highest and lowest home sale was and how they are being purchased (cash, conventional financing, FHA or VA loans) in the next few weeks. I am available for any questions you have regarding a particular neighborhood or city. You can either call me directly at 321-795-1854 or send me a message by clicking on the link below.

I appreciate the support and being able to help you in 2012 and I am here to help you with all of your real estate needs in 2013.

Thank you,

Eric Larkin

ERA Showcase Properties & Investments

Are You A Renter? Insure Your Stuff!

Posted on by Eric Larkin

Below is a great article I found written by John Voket that should be read by anyone renting. With that said…if you or someone you know are renting…we should talk…Real estate prices and interest rates are exceptionally low in Brevard County…most people I have spoken with end up OWNING a home for LESS than what they are paying for rent…it really does not make sense to rent at this time…Call or text me at 321-795-1854 or send me an email at Eric@EricLarkin.com .

 

I need a bunch of you – specifically you renters – to take a moment and consider an important piece of advice about your stuff. If you love it, then make an extra effort to protect it.

Did you know the majority of homeowners buy insurance, but just one in three college-aged renters insures their belongings? Even more shocking: at least half of all renters fail to buy any insurance protection for their possessions.

Way too many consumers are under the mistaken impression that their landlord’s policy will cover their losses, according to the Connecticut Better Business Bureau. BBB says renter’s insurance generally covers property damage or loss caused by theft, fire, vandalism or storms. In addition, most policies include liability coverage, which protects a tenant if someone gets hurt when visiting their home or apartment.

The cost of renter’s insurance is usually lower than homeowner’s insurance because it covers only personal property and liability, not the structure. The amount of the deductible can also affect the cost of premiums.

Two types of renter’s insurance coverage are available:

  • Actual cash value insurance pays to replace items up to the policy’s limits, minus a deduction for depreciation.
  • Replacement cost insurance pays the actual cost of replacing your possessions, regardless of depreciation, up to the limits on the policy.

Consider the value of possessions versus the cost of insurance – even a college student can have property worth several thousand dollars, such as computers, televisions, furniture, jewelry or small appliances.

When seeking a renter’s insurance quote:

  • Determine if you have specific items of high value, you also may need a rider to cover those items.
  • Ask what deductibles apply to the policy.
  • Find out whether the policy will cover living costs if you are unable to occupy your current apartment or home.
  • Inquire about exclusions, such as types of property that would not be covered.
  • Ask the insurer if they give discounts for burglar alarms, fire extinguishers, sprinkler systems or deadbolts on exterior doors.
  • If you are switching insurers, be sure that the new policy is in effect before dropping the old one.
  • As with any insurance product, BBB advises consumers to get estimates from several companies before buying a policy.

Source: www.bbb.org.

Call for Action: Keep the Housing Recovery on Track

Posted on by Eric Larkin

Congress will soon return to Washington with unfinished business to complete. One of those items is a housing issue that could affect almost one-quarter of all real estate transactions – the expiration of Mortgage Forgiveness Tax Relief.

Without action before the end of the year, millions of families who hold distressed properties could face a hefty tax bill for trying to modify their mortgage or to seek a short sale through their lender. Even those facing foreclosure will find themselves forced to pay a “foreclosure tax” if Congress doesn’t act.

This is because the amount of debt forgiven by the lender would be considered “phantom income” to the borrower even though they never receive any payment from the lender. No taxpayer should be forced to pay tax on money they’ve already lost with cash they never received.

Please Take Action and tell Congress to extend Mortgage Forgiveness Tax Relief. We need no new obstacles that might throw the housing recovery off track.

Click on the link below to contact your Congressional Representative:

https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=2309&v=0

USDA Loans Help Buyers Take Advantage of Robust Rural Market

Posted on by Eric Larkin

Below is a great article by Keith Loria. Port St. John is an area of Brevard County that a USDA Loan can be used. Please CLICK HERE to ask any questions about the homes available in our area for this type of loan.

By Keith Loria

When it comes to buying a house, location is key. If you’re looking to purchase a home in a rural location, now may be the time to do so in order to take advantage of the robust market. Buyers looking to purchase in a rural environment can even get some assistance with their mortgage, thanks to the USDA Rural Development Guaranteed Housing Loan program, insured by the U.S. Department of Agriculture.

While USDA loans aren’t being advertised all over the place and only a small percentage of lenders even offer them, these loans (also called Section 502 loans) allow for 100 percent financing as well as some very friendly terms, making it a wise idea to try and secure one.

The requirements for obtaining a USDA Rural Housing Loan are simple: Obviously, your home must be located in a rural area, however, the USDA’s definition of “rural” is really quite liberal. Many small towns meet the USDA requirements, as do suburbs of most major U.S. cities.

While the USDA offers only 30-year fixed rate mortgages, there is no down payment requirement. In addition, USDA loans can be used by first-time buyers or repeat buyers. The rates associated with USDA loans are often as low as comparable conventional 30-year fixed mortgage rates and because mortgage insurance rates are lower, with a small down payment, USDA loans can often be a better deal.

This fall, the Rural Housing Program is undergoing a drastic change in that the loans will be entirely self-funded instead of taxpayer-subsidized. Because of that, the USDA is changing how it charges mortgage insurance.

The USDA Rural Housing Program also allows sellers to pay closing costs for buyers. These costs can include state and local government fees, lender costs, title charges and any number of home and pest inspections.

As of October 1, USDA mortgage insurance rates for purchases include a two percent upfront fee paid at closing, based on the loan size. For refinances, it will also be a two percent upfront fee paid at closing, based on the loan size. For all loans, a 0.40 percentage annual fee will be assessed based on the remaining principal balance.

Let’s say someone is taking out a $200,000 USDA loan. It would require $4,000 in mortgage insurance at the closing and $66.66 of mortgage insurance paid monthly.

Most lenders have already moved to the new mortgage insurance model, so if you’re in the process of buying a home via USDA, make sure to talk to your lender about the changes.

For more information, the USDA website maintains a list of lenders in the Rural Housing Program at http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Contact our office today for more information about USDA loans.

Brevard County 3rd Quarter Real Estate Update

Posted on by Eric Larkin

The numbers are in…and just as our seasons change…so does the real estate market! Sales are up and inventory is down. Most homes are selling in less than 30 days. Here is a break down of the numbers:

From July 1 to September 30, we sold almost 2,400 residential properties in Brevard County. These include single family homes, town homes, condos, 1/2 duplexes, and manufactured homes.

  • 1374 of these properties or 57% of our sales were traditional sales.
  • 605 of these properties or 25% were short sales.
  • 381 of these properties or almost 13% of our sales were REO/Bank owned properties.
  • 1,100 properties sold in 30 days or less
  • 1180 properties were CASH transactions…almost half!

Below is an updated Market Pulse that will show a year to date monthly overview of our Real Estate Market

3rd Qtr Market Pulse

New Short Sale Guidelines

Posted on by Eric Larkin

Since the short sale has been a part of our real estate market for several years and look to be something we will be dealing with for the next 3-5 years; it is good to hear about the new short sale guidelines. These guidelines will go into effect on November 1, 2012. Here are the highlights of the changes:

  • Offer a streamlined Short Sale approach for borrowers most in need
  • Offer special treatment for Military Personnel with Permanent Change of Station (PCS) orders
  • Enable servicers to quickly and easily qualify certain borrowers who are current on their mortgages for short sales
  • Consolidate existing short sales programs into a single uniform program
  • Provide servicers and borrowers clarity on processing a short sale when a foreclosure sale is pending
  • Fannie Mae and Freddie Mac will offer up to $6,000 to second lien holders to expedite a short sale
  • Fannie Mae and Freddie Mac will waive the right to pursue deficiency judgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissory notes

Please click on the link below for the complete press release.

http://www.fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

I am available for any questions you have regarding our real estate market or if you have been considering selling your home in a short sale. 321-795-1854 is my direct number or you can CLICK HERE to send me an email.

 

Thank you,

Eric Larkin

ERA Showcase Properties & Investments