Information to consider if your almost ready to buy a home

For those of you thinking of buying a home but unsure of whether or not this is the time to do it the following information from the Florida Association of Realtors may offer some help.





Nobody is buying homes anymore.





”Nationally, 2007 was the fifth-best year of sales in U.S. history, according to Lawrence Yun, senior economist, National Association of Realtors® (NAR). “Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels,” he says. NAR statistics indicate existing-home sales for 2007 will probably total 5.66 million, rising to 5.70 million this year and 5.91 million in 2009. In Florida, approximately 160,000 existing homes and condominiums were purchased during the first 11 months of 2007, according to FAR statistics. That’s a decrease from the market’s peak in 2004-05, but still a healthy level of activity








“Home prices will only go lower.





”The housing market is not having a “going out of business” sale. While some sellers are cutting their prices, others are not. In fact, FAR statistics show just a 5 percent statewide decline in home prices and a 3 percent decrease in condo prices over the past year. Historically, a rapid jump in home prices has been followed by a period of stability, not decline. “In Florida, residential prices shoot up quickly and then stabilize,” says economist Hank Fishkind, Ph.D. of Fishkind & Associates, Inc., Orlando. “Even when there is excess supply, prices don’t tend to come down.” (http://media.floridarealtors.org/statistics/statisticsfull.htm)








“Historically, home values don’t rise.





”Think back to what your parents paid for their homes, and it’s clear that residential values have increased substantially over the years. Nationally, home prices rose 88 percent from 1995 to 2005. “Historically, home prices rise 1.5 to 2 percentage points faster than the rate of inflation, says David Lereah, NAR’s former chief economist. In Florida, the median sales price for existing single-family homes in November 2007 was $215,800 – a 52.5 percent increase over the five-year-period since November 2002, according to FAR records. (http://www.realtor.org/home_buyers_and_sellers/buy_now_talking_points.html)





I hope these articles assist you in your decision making process. As always, when you need assistance in finding the home of your dreams, please let me know and I'll do the searching for you and will work to find the home your seeking.








Rob Skeel Realtor


Century 21 Prestige Realty Group


305-393-6300


http://www.robskeel.com/http://robskeel.com/homes_for_sale.shtml

Some good real estate news

There has been some good news that should help people thinking about purchasing Florida Keys real estate in 2008. The following are two article recaps about mortgages and real estate tax changes that will help you buy that home in Paradise.


Proposed mortgage plan could aid marketsWASHINGTON – Jan. 25, 2008

– A component of the government’s tentative economic stimulus package announced Thursday would give an immediate lift to buyers and sellers in higher-priced housing markets.The package agreed upon by Democratic and Republican members of the House would allow government-sponsored Fannie Mae and Freddie Mac to buy mortgages up to 75 percent more expensive than the current $417,000 limit. The Senate and White House still must sign off on the proposed stimulus plan, which also includes tax rebates for Americans.Raising the limit on so-called conforming loans will allow a larger pool of borrowers to find lower rates when buying a new home or refinancing an existing mortgage.“It’s good for homebuyers who have prime credit, have some money to put down and can meet tougher underwriting standards that are in place now,” said Guy Cecala, publisher of Inside Mortgage Finance, a trade publication.

"Yes on Amendment 1" passed for the following reasons:

• People who have felt trapped in their homes – unable to size up or scale down – can now afford to sell.• Keeps Save Our Homes while cutting taxes and expanding the homestead exemption for the first time since 1980. Caps non-homestead property assessments at 10 percent annually.

There are currently plenty of homes for sale at very good prices with motivated sellers.
Please let me know what your looking for and I will help you find just the right property.
Look forward to hearing from you. As always, I appreciate your feedback.

Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300 or 800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml