Rick's Real Estate Blog

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If you have recently decided to move from renter to homeowner, you are not alone. First-time homebuyers made up 41 percent of the market, according the National Association of REALTORS®’ 2008 Profile of Home Buyers and Sellers. And price declines in many markets around the country have created unique opportunities for those considering home ownership for the first time.

As a homeowner, you have security and stability, the freedom to decorate and remodel, potential to build equity and tax benefits. And with interest rates still at historically low levels – 5.22% for the typical, 30-year fixed-rate mortgage (as of early August 2009), combined with ample inventory, now is a great time to buy.
Plus, there are several incentives and programs available specifically for first-time homebuyers.

First-Time Homebuyer Credit
One program that is a great financial opportunity is the highly publicized First-time Homebuyer Credit, which was part of the Housing and Economic Recovery Act of 2008. This federal initiative allows first-time homebuyers to take up to an $8,000 tax credit, which doesn’t have to be repaid, toward a new or resale property purchased prior to Dec. 1, 2009. For new construction, the purchase date is considered to be the date you first occupy the home.

Under this program, a first-time homebuyer is considered to be anyone who has not owned a principal home within the last three years. If you are married, both spouses must meet this criterion. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer. In addition, ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. You are also eligible to claim first-time buyer status if you owned a principal residence outside of the United States within the last three years.

The actual tax credit may vary depending on the purchase price and your income. The credit is generally equal to 10 percent of the home’s purchase price, not to exceed $8,000. In addition, the income limit to receive full credit is $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return.

For complete details, visit www.irs.gov and www.federalhousingtaxcredit.com. As always, consult with your tax adviser on how this tax credit may affect you.

State Programs
Many states also have first-time homeowner programs. Under these programs, first-time homebuyers may be eligible for grants for down payments and closing costs. Some states even offer various tax deductions and credits.

Mortgage Loans
As a first-time homebuyer, you don’t have the advantage of using the equity in a previous property to help bridge costs associated with down payment, closing and other fees. Many financial institutions have mortgage products with you in mind. In addition, the Federal Housing Administration (FHA) offers mortgage programs in which your down payment can be as low as 3.5% of the purchase price, and allows most of your closing costs and fees to be included in the loan. Although FHA does not directly loan to consumers, you can work with a FHA-approved lender. For more information, visit www.hud.gov.

Workshops
Besides financial assistance, there are workshops specifically geared toward first-time homebuyers. They provide a wealth of information about the home-buying process, such as how to search for a home, setting up a budget, choosing a real estate professional, loan products, and so on.

The transition from renter to homebuyer is a large step and is arguably one of the largest investments you’ll make, so make sure you take advantage of all the assistance available to make the road to homeownership that much easier.

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Just received an email today from the National Association of Realtors (NAR) that quotes an article by Tribune Media Services, Ilyce Glink (08/02/2009).

The top six reasons, according to Ilyce, that property A sells and property B stays on the market are:

* Lousy pictures on the Web.
* Priced too high for the neighborhood.
* Blah interior; ho-hum landscaping.
* Little online marketing and hard-to-find MLS listings.
* Low commissions. Practitioners make sure their customers see properties that offer a payoff.
* Miserable maintenance, including ceiling stains, leaky faucets, and ancient furnaces.

As you can see, many of these are on the agent! It is important to hire an agent who understands marking in the 2010’s. Yesterday’s tactics do not work any more. According to NAR over 70% of buyers begin their search on the internet and 60% of all buyers that purchase in Central Florida are from out of town.

I pride myself on taking high quality, high resolution pictures and posting them everywhere on the net I can find! But, I really don’t like when a seller says “I’m not giving it away”. My response to that reply is, “Then I am happy to use your yard to advertise my services, but your property will not sell”. Online marketing, proper pricing, a new can of paint, and simple repairs around the home can go a long way towards procuring a buyer.

If you want the best opportunity to sell your house in this challenging market, give me a call right away! I am happy to help you. 386.837.5300.

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I received a letter today from Anthony Gonzalez, the Acting City Manager of the City of DeBary. The letter welcomes me to the “DeBary Strategic Planning Steering Committee”. As a member of the committee, we will help the city council and mayor determine their strategic planning for the city. The first meeting will be held Saturday the 20th, at 9AM. I guess I am about to get an education in local politics!

From the Little League’s perspective, the number one priority in my mind is making sure that the new parking lot gets built at Sullivan Park. Do you have any ideas for what direction the city should be steered into? I would love to hear about it.

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I have noticed a trend over the last few weeks/months. When I am on the floor in my office, the phone rings all the time again. It is interested buyers, passers by, and fellow Realtors showing our office’s listings. If I were forced to guess, I would have estimated that sales were up, now it is confirmed.

Another trend I have noticed in the market is the number of expired listings, those that did not sell, is down. I think this is because people have finally come to the realization that their property isn’t worth what it used to be, and they need to price it competitively to sell it. Additionally, “Bank Owned”, those properties being sold in foreclosure by the bank, are being marketed by the banks at rock bottom prices. They are generating multiple offers and actually receiving more than their asking price for the properties. Some are actually investing money in to repairs! That used to be unheard of for bank owneds.

According to the National Association of Realtors (NAR) “The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

NAR President Charles McMillan says there are numerous buyer assistance programs around the country.

‘Some states are offering bridge loans that allow first-time buyers to use the tax credit for downpayment and closing costs, but there are many other local government and nonprofit programs available to buyers, depending on location,’ McMillan says.

Last week, HUD announced that qualifying buyers can use the tax credit for closing costs on FHA loans, to buy down the interest rate or make a larger down payment.”

Things are definately looking up in our industry and now is the time to buy at rock bottom prices. “NAR’s Housing Affordability Index is in record territory. The affordability index rose to 174.8 in April from an upwardly revised 171.9 in March, which makes it the second-highest monthly reading on record after peaking at 176.9 in January of this year.”

If you are a first time buyer, and investor, or a savvy homeowner looking to upgrade while the gettin’s good, call me right away at 386.837.5300. I am happy to help you with all your Real Estate requirements.

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A good home inspector is worth their weight in gold! This is the understatement of the century! But it is true, a professional home inspector tears the house you are buying down and inspects every nook and cranny in intricate detail. Ironically, they are unusually inexpensive.

Thermal Imaging finds pests within the walls before they do significant damage.

One of the best statements my old broker used to use about inspectors rings true. “You don’t want the home owner there because he doesn’t want to see what the inspector is going to do to his house”. Not that they will damage anything, they just take everything apart for a “looksee”.

Any contract can be written with a “right to inspection”, but make sure you do it in the time allotted. Otherwise, the seller can enforce the contract without the inspection. A good realtor here is vital! Make sure your realtor is on top of things, knows the process, and keeps you informed. Call me right away if you need a good realtor at 386.837.5300.

A good inspector will provide you with a pre-purchase building report that identifies all the defects found during the inspection. The report will identify significant building defects, problems identified, and possibly an estimate of repair cost. The inspector will compare the property inspected with buildings of similar age and construction and will give an overall rating for the dwelling. They will access the roof void, the sub-floor as well as the entire building externally and internally to report on such defects as:

Dampness. Good inspectors carry moisture meters.
Plumbing checked for past and present leaks.
Wood rot and/or termite damage.
Cracks in external brickwork and internal walls.
Roof condition.

Another very important inspection is a pest inspection. This may be carried out by the existing home inspector or may be completed by a specialist. Either way, it is crucial, and a prerequisite to getting a mortgage. A pre-purchase pest inspector will report on all areas to the homes sub-floor, roof void, internal rooms and areas around the dwelling or within the boundary lines. The inspector will report on defects such as:

Termite activity past or present.
Past termite treatments where evidence or paperwork is provided.
Borer damage to dry seasoned timbers.
Significant decay.
Poor sub-floor ventilation.
Recommendations to help prevent future termite attack.

A new technology available today is a thermal pest inspection. With standard pest inspections, reporting is restricted to those areas visible with the naked eye. Moisture meters are used, however it is not possible to check all wall surfaces with a moisture meter. Unfortunately most termite activity is hidden in wall cavities and is often undetected until termites reach the roof void, particularly if the structure is on a concrete slab footing as most Florida homes. By the time termites reach the roof void they have usually caused considerable damage to the wall framing timbers on the way up.

Thermal image camera inspections can extend the inspection boundaries into the wall frame. Termite activity gives off a large amount of heat and moisture which is detectable on wall surfaces using a thermal camera.

The bottom line is find someone you trust, pay them what they are worth, and rest assured that the home you are purchasing is solid, sound, and ready for you and your family.

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This market never ceases to amaze me. My newest listing is over 4 acres in Sorrento for only $139,000! The place has a 3/2 modular home on it or you can build your own dream home on it.

My favorite part is the land! The place is big enough to practice your baseball team. Too bad it’s not in DeBary, or I may have already built a t-ball field on it.

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Anyway, the mobile needs a little work but it is solid and sound. The land is private, and the neighborhood perfect! Have horses or dogs? They will be in paradise!

Visit my featured listings page to get more details on this property.

Discover a new lifestyle in Sorrento. Call me at 386.837.5300 to see this property, it won’t last!

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This house in the prestigious Summerhaven community of DeBary is a steal w/ a now reduced price of $229,000! Believed to have the biggest pool in the community, a huge back yard, and on a cul-de-sac to top it all off!

Quality all brick construction, 2,400 square feet, 4 bedrooms, 2 baths, what more could you want?

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For more information on this property, visit my featured properties page.

This home won’t be around long, call me at 386.837.5300 right now to see it!

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A friend of mine, Diego Gaitan, operates his own company called Diego Gaitan Services. Let me start by saying, he has no idea I am writing this and this is not a paid advertisement or anything. I am simply writing this because he is the best!

The best description I ever heard of him is “this is the guy that can fix anything”, that came from another friend of mine a few months back. He was looking to see if he would come over and work on one thing or another, and knew exactly where to go. To Diego of course.

Diego is much more than a guy that fixes things though, he is an honest, hard working, proud father that I have known personally for over four years now. He is always there to help when we need him, he is dedicated to his family and children, and he goes above and beyond the call of duty when called upon.

I have had him over to the house a couple of times for various sprinkler problems I have had. Each time he was here for about 15 minutes and fixed the problem I had been working for hours to repair. His business card says “sprinkler repair, landscaping, pressure washing, draining installation” but he does much more than that.

The other thing his card says is “We care about your business”. That’s the understatement of the year!

Anyway, if you need anything fixed, call Diego at 407.342.7182. I know you will feel the same way I do once you have utilized his services.

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Have you ever had to move across the country? How about across your state? How did you find a home? What did you do to research neighborhoods? More importantly, how did you find your realtor?

More than likely, you called from a yard sign, walked into an open house, or called from an advertisement. Those days are gone! Thanks to our expansive referral network, you can know that you will be working with a professional no matter where in the country you go.

How does it work? Simply go to my contact page and enter your information. Make sure to give me details about the city you are moving to, your price range, and how many beds/baths etc. you need. Additionally, are you wanting in the city, land, condo? Whatever you desire, we can help.

I will then have an agent from our network contact you and you can rest assured you are working with a professional who knows the market and can provide the same level service you would expect from me.

Go ahead, click on my contact page and I will have someone contact you within 24 hours.

Unlike an automobile, you can’t test drive a home before you purchase it. You have to base your decision on other factors such as layout, condition and much more. And, of course, the seller is obligated to disclose the property’s condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn’t always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about the prospective home before you make a final decision.

1. Why is the seller selling the house?

This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

2. How much did the seller pay for the home?

In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

3. What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening neighborhood,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

4. Has the seller had any problems with the home in the past?

It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly.

5. Are there any nuisances?

Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving.

6. How are the public schools in the area?

Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.
Knowing all you can about a prospective home will help you make a more informed decision as well as offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings.

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