Florida Homes By Angelika
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Are you dreaming
to be a home owner?
can afford to pay rent, you can probably afford a mortgage.
Dear First Time Home Buyer:
Did you know that many renters like yourselves are now enjoying
living in their
for less than they were paying in rent? Buying a home today is
easier than ever before; although the buying process has change!
7 Reasons to Own Your Home
1. Tax breaks.
The U.S. Tax Code lets you deduct the interest you pay on your
mortgage, your property taxes, as well as some of the costs involved
in buying your home.
2. Appreciation. Real estate has long-term, stable growth in
value. While year-to-year fluctuations are normal, median
existing-home sale prices have increased on average 6.5 percent each
year from 1972 through 2005, and increased 88.5 percent over the
last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS«.
In addition, the number of U.S. households is expected to rise 15
percent over the next decade, creating continued high demand for
3. Equity. Money paid for rent is money that you’ll never see
again, but mortgage payments let you build equity ownership interest
in your home.
4. Savings. Building equity in your home is a ready-made
savings plan. And when you sell, you can generally take up to
$250,000 ($500,000 for a married couple) as gain without owing any
federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments
don’t rise over the years so your housing costs may actually decline
as you own the home longer. However, keep in mind that property
taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you
want and benefit from your investment for as long as you own the
7. Stability. Remaining in one neighborhood for several years
gives you a chance to participate in community activities, lets you
and your family establish lasting friendships, and offers your
children the benefit of educational continuity.
There’s never been a
better time to buy a home!
market is on the mend in many parts of the country, but media
reports about falling prices and foreclosures may still be making
you hesitate before taking the plunge and buying a new home. The
truth is this: There’s never been a better time to buy a home.
rates, a great supply of houses from which to choose, and motivated
sellers are just a few of the reasons why now is a great time to
buy. But there are many other advantages to owning a home, rather
Here are just
First-time homebuyers edged up to a 39 percent market share in the
past year from 37 percent in the 2011 study. Long-term survey
averages show that four out of 10 buyers are typically first-time
buyers, who are critical to a housing recovery because they help
existing homeowners sell and trade up.
The study shows the median age of first-time buyers was 31 and the
median income was $61,800. The typical first-time buyer purchased a
1,600 square-foot home costing $154,100, while the typical repeat
buyer was 51 years old and earned $93,100. Repeat buyers purchased a
median 2,100-square foot home costing $220,000.
The median downpayment for all homebuyers was 9 percent, ranging
from 4 percent for first-time buyers to 13 percent for repeat
“First-time buyers historically make small downpayments, but repeat
buyers like to put down 20 percent if they can to avoid paying
mortgage insurance,” Bishop said. “The general loss in home value
since the peak of the housing boom means many repeat buyers in
recent years had to make smaller downpayments. Fortunately, prices
have turned up this year and are showing sustained increases, so
we’re on the road to a recovery in home equity.”
First-time buyers who financed their purchase used a variety of
resources for the downpayment: 76 percent tapped into savings; 24
percent received a gift from a friend or relative, typically from
their parents; and 6 percent received a loan from a relative or
friend. Eleven percent tapped into a 401(k) fund, and 6 percent sold
stocks or bonds. Ninety-three percent of entry-level buyers chose a
Forty-six percent of first-time buyers financed with a low-downpayment
FHA mortgage, and 10 percent used the VA loan program with no
downpayment requirements. Forty-two percent cut spending on luxury
items to buy their first home, 35 percent cut spending on
entertainment, and 27 percent cut spending on clothes.
Seventy-eight percent of recent home buyers said their home is a
good investment, and 46 percent believe it’s better than stocks; 92
percent were satisfied with the buying process.
10 ways to land the home of your dreams
It’s still a
buyers’ market—interest rates are historically low, available homes
are abundant, and sellers are eager to sell. But if it’s a great
time for you to buy, it’s a great time for everyone else too. How
can you compete against other buyers and snag the home of your
decisive. Decide exactly what your dream house looks like. How
many bedrooms and baths do you want? What location? This will
help narrow down the possibilities faster.
consider a house’s potential. An older home that needs cosmetic
updates, such as fresh paint or a new kitchen, may net a better
price than one that’s newer.
If you can
pay cash, you’re in the driver’s seat. Sellers like cash deals
because they’re uncomplicated and close quickly.
need financing, get pre-approved. That’s “pre-approved,” not
“pre-qualified.” Attach your pre-approval letter to your offer
to show the seller you’re serious about buying—and financially
capable of doing so.
high downpayment. The more you put down, the more attractive the
deal to the seller.
limit contingencies. You won’t want to waive your inspections or
do anything foolish, but the fewer the contingencies, the more
secure the seller will feel with your offer.
top of the market. New houses are listed every day. Your
agent may even know of houses
about to hit the market.
yourself for a bidding war by deciding ahead of time what your
maximum offer will be.
distressed properties, such as short sales and foreclosures. But
remember that they may not be in tip-top condition—and that you
may have to wait weeks or months to find out if your offer was
important, find a qualified agent
who is familiar with your target area. That will save
you a lot of time
Editor/Century 21 on December 16th, 2010
Why You Should Work With a REALTOR«
Not all real estate practitioners are REALTORS«. The term REALTOR«
is a registered trademark that identifies a real estate professional
who is a member of the NATIONAL ASSOCIATION of REALTORS« and
subscribes to its strict Code of Ethics. Here are five reasons why
it pays to work with a REALTOR«.
You’ll have an expert to guide you through the process.
Buying or selling a home usually requires disclosure forms,
inspection reports, mortgage documents, insurance policies, deeds,
and multi-page settlement statements. A knowledgeable expert will
help you prepare the best deal, and avoid delays or costly
2. Get objective
information and opinions.
REALTORS« can provide local community information on utilities,
zoning, schools, and more. They’ll also be able to provide objective
information about each property. A professional will be able to help
you answer these two important questions: Will the property provide
the environment I want for a home or investment? Second, will the
property have resale value when I am ready to sell?
3. Find the best
property out there.
Sometimes the property
you are seeking is available but not actively advertised in the
market, and it will take some investigation by your REALTOR« to find
all available properties.
4. Benefit from their
There are many
negotiating factors, including but not limited to price, financing,
terms, date of possession, and inclusion or exclusion of repairs,
furnishings, or equipment. In addition, the purchase agreement
should provide a period of time for you to complete appropriate
inspections and investigations of the property before you are bound
to complete the purchase. Your agent can advise you as to which
investigations and inspections are recommended or required.
5. Property marketing
estate doesn’t sell due to advertising alone. In fact, a large share
of real estate sales comes as the result of a practitioner’s
contacts through previous clients, referrals, friends, and family.
When a property is marketed with the help of a REALTOR«, you do not
have to allow strangers into your home. Your REALTOR« will generally
prescreen and accompany qualified prospects through your property.
6. Real estate has its
If you don’t know a CMA from a PUD, you can understand why it’s
important to work with a professional who is immersed in the
industry and knows the real estate language.
7. REALTORS« have done
Most people buy and sell only a few homes in a lifetime, usually
with quite a few years in between each purchase. And even if you’ve
done it before, laws and regulations change. REALTORS«, on the other
hand, handle hundreds of real estate transactions over the course of
their career. Having an expert on your side is critical.
8. Buying and selling
A home often symbolizes family, rest, and security — it’s not just
four walls and a roof. Because of this, home buying and selling can
be an emotional undertaking. And for most people, a home is the
biggest purchase they’ll ever make. Having a concerned, but
objective, third party helps you stay focused on both the emotional
and financial issues most important to you.
9. Ethical treatment.
Every member of the NATIONAL ASSOCIATION of REALTORS« makes a
commitment to adhere to a strict Code of Ethics, which is based on
professionalism and protection of the public. As a customer of a
REALTOR«, you can expect honest and ethical treatment in all
transaction-related matters. It is mandatory for REALTORS« to take
the Code of Ethics orientation and they are also required to
complete a refresher course every four years.
contact me to give you any help
your perfect first home!
You can either email me
or call me at (386)
541-0844 ext. 113