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Florida Real Estate NewsBy Leanne Paynter | 1:32 PM on Aug. 25, 2006 | Florida Real Estate Blog-
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Florida Median Home Price Increased Slightly in JulyBy Leanne Paynter | 2:32 PM on Aug. 23, 2006 | Florida Real Estate Blog In July 2001, the statewide median sales price was $132,000, representing an increase of about 90 percent over the five-year period, according to FAR records. The median is a typical market price where half the homes sold for more, half sold for less.Nationally, the median sales price for existing single-family homes was $231,500 in June, up 1.1 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $575,800 in June; in Massachusetts, it was $370,000; in Maryland, it was $320,750; and in New York, it was $279,000.
Over the past few months, home sales in the U.S. have held to a narrow range -- a sign that the U.S. housing market is stabilizing, according to NAR housing industry analysts. Sales overall remain historically strong, NAR notes, with 2006 projected to be the third strongest sales year on record. Looking to Florida's existing condominium market, sales of existing condos also decreased in July, with a total of 4,260 condos sold statewide compared to 6,739 in July 2005 for a 37 percent decrease, according to FAR. The statewide median sales price for condos last month was $210,200; a year ago, it was $211,900 for a 1 percent decrease. The national median existing condo price in June 2006 was $226,900. According to Freddie Mac, the average rate for a 30-year fixed-rate mortgage was 6.76 percent last month, up from 5.70 percent in July 2005. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Of the state’s smaller markets, the Ocala MSA reported a total of 525 existing homes sold in July compared to 528 homes sold a year earlier for a 1 percent decline. The area’s median existing home sales price rose 20 percent to $177,200; a year ago, it was $147,400. Charts showing statistics for Florida and its 20 MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs. The other chart compares the volume of existing condo sales and median sales prices in July 2006 to July 2005, based on Realtor transactions within the MSAs. [ Single-Family PDF HTML ] [ Condominium PDF HTML ] The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its nearly 155,000 members in 68 boards/associations. © 2006 FLORIDA ASSOCIATION OF REALTORS® Find more articles tagged with: Florida Median Home Price, Florida Real Estate Market, Florida Real Estate News
Vacation Home Rental and OwnershipBy Leanne Paynter | 2:12 PM on Aug. 18, 2006 | Florida Real Estate Blog
Buying a second home for many people sometimes means taking on a second mortgage and some opt to treat the vacation property as an investment by renting it out part of the year. Dozens of websites dedicated to assist you in finding renters for your second home have popped up on the Internet. Owning a vacation home does not come without additional responsibilities. Below are links to some articles that go into further detail on the different aspects of buying or owning a second home:
Find more articles tagged with: Vacation Homes, Second Homes, Vacation Properties, Vacation Home Rentals, Buying A Second Home, Florida Vacation Rental Homes
Florida Real Estate NewsBy Leanne Paynter | 11:17 AM on Aug. 17, 2006 | Florida Real Estate Blog-
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FL Median Price Up, Sales Ease 2Q 2006By Leanne Paynter | 2:25 PM on Aug. 15, 2006 | Florida Real Estate BlogIn second quarter 2006, Florida's housing sector followed the national trend, showing signs of a market adjusting to a better balance between buyers and sellers. Statewide sales of single-family existing homes totaled 53,161 during the three-month period, a decrease of 27 percent compared to 72,870 homes sold during the same time a year ago, according to the Florida Association of Realtors® (FAR)."Sales of existing single-family homes in Florida behaved like much of the U.S. in the 2006 second quarter, with the declining strength of the domestic economy continuing to act like a stiff wind in the face of the existing real estate market," says Dr. David Scott, executive director of the Dr. Phillips Institute for the Study of American Business Activity and professor of finance at the University of Central Florida (UCF). The statewide existing-home median sales price rose 9 percent to reach $254,800 in the second quarter; a year ago, it was $234,500. In 2001, the second-quarter statewide median sales price was $127,400, which is an increase of about 100 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less. This environment is likely to endure across the remaining months of 2006 owing to several factors, Scott says, including the declining rate of growth in the real gross domestic product (GPD); a tepid increase in the number of jobs being created over the past three months; rising conventional mortgage rates; and a rising inventory of homes for sale. He notes that the rising costs of gasoline and energy are starting to strain many household budgets while wages are just barely keeping up with the recent price inflation of about 3.6 percent a year. Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 16,522 condos sold statewide compared to 24,599 in second quarter 2005 for a 33 percent decline, according to FAR. The statewide median sales price for condos rose 1 percent to $219,100 for the three-month period; a year ago, it was $217,900. The latest economy outlook from the National Association of Realtors® (NAR) notes that the housing market is in the process of stabilizing with little change in overall sales volume expected over the balance of the year. Analysts report that the level of activity remains high historically -- 2006 is expected to be the third best year for existing home sales. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.60 percent in first quarter 2006; last year, it was 6.24 percent. Among the state’s larger markets, the Orlando metropolitan statistical area (MSA) reported 8,189 existing homes sold for the quarter, a decrease of 23 percent compared to the 10,585 homes sold a year ago. The market’s existing-home median sales price increased 18 percent to $265,500; a year ago, it was $224,500. A total of 1,456 existing condos sold in the market over the three-month period, up 24 percent from a year ago, while the existing-condo median price rose 1 percent to $163,500. The Gainesville MSA, one of the smaller markets in the state, reported that 992 homes changed hands in the second quarter, down 24 percent compared to 1,297 homes sold a year ago. Over the same period, the market’s existing-home median home price rose 21 percent to $214,300; a year ago, it was $176,400. A total of 426 existing condos sold in the market during the second quarter, up 37 percent from a year ago, while the existing-condo median price rose 16 percent to $146,600. Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the second quarter of 2006 to the second quarter of 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in second quarter 2006 to second quarter 2005, based on Realtor-closed transactions from local Realtor boards/associations within the MSAs. © 2006 FLORIDA ASSOCIATION OF REALTORS® Find more articles tagged with: None
Home Energy Conservation TipsBy Leanne Paynter | 5:55 AM on Aug. 14, 2006 | Florida Real Estate Blog
Taking steps now to conserve home energy costs can save you money over time. These steps range from the free or low-cost to the more expensive which are worthwhile but will take longer to see a return on investment (ROI). Examples of both include keeping your blinds closed (except during showings if your home is for sale), installing a programmable thermostat, regularly replacing your A/C filter, vacuuming any build-up of dust on refrigerator and freezer coils, lowering your hot water heaters' temperature setting, installing window tinting, or replacing your air-conditioning system with a new, more efficient one. Whole house air-conditioning units typically need replacement every 10-12 years in Florida. Also, many utility companies offer homeowners a free energy audit that includes a report on things you can do to lower your energy bills. Below are some links to articles that offer home energy conservation tips: Articles for further reading:
Florida Real Estate NewsBy Leanne Paynter | 5:47 AM on Aug. 12, 2006 | Florida Real Estate Blog-
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Foreclosure and Ways to Lose Your HomeBy Leanne Paynter | 2:20 PM on Aug. 10, 2006 | Florida Real Estate Blog
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Florida Real Estate NewsBy Leanne Paynter | 12:54 PM on Aug. 8, 2006 | Florida Real Estate Blog-
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Blog Posts Worth ReadingBy Leanne Paynter | 4:18 PM on Aug. 5, 2006 | Florida Real Estate Blog
Find more articles tagged with: Real Estate Blogs, Real Estate Bloggers, Home Renovation, Fixer Upper Homes, Pets At Homes For Sale, Realtor, Realator, Rundown Houses
Florida Real Estate NewsBy Leanne Paynter | 12:46 PM on Aug. 3, 2006 | Florida Real Estate Blog-
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Home Inspection TipsBy Leanne Paynter | 12:37 PM on Aug. 1, 2006 | Florida Real Estate Blog
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In recent years there has been a surge in the number of people purchasing a second home to be used as a vacation home. The majority of vacation homes are located near lakes, ski resorts, or along coastal areas. Some people have purchased second homes to be near other family members (especially children or grandchildren). According to the reports I've read, this is in large part thanks to the baby-boomer generation and low interest rates. 
There's no doubt about it... Florida can be very hot and humid during the summer months. I've also been hearing in the news that this summer has also been especially hard in other parts of the country as well. Whether it's due to global warming or just coincidental, it's always a good idea to take energy conservation seriously. 
If you've been keeping up with the news this year, you've probably read some articles that state that foreclosures are on the rise or at least expected to rise by the end of the year. If you have any reason to be concerned that you may face foreclosure, now is the time to take some action if you are to have a chance to keep your property, the equity you've built up, and avoid foreclosure. It's also important to keep in mind that there is more than one way to lose your home. These other ways include not paying your taxes, filing for bankruptcy, failure to pay homeowners dues, and illegaly activity. Below are links to some articles that can provide you with your options and the best ways to deal with the potential loss of your home.
As an experienced Realtor, one of the things I strongly recommend any buyer do within days of a seller accepting their offer is to hire a reputable home inspection company to inspect the property. Even new homes can have