Florida Keys Real Estate by Rob

Leading U. S. economists: Florida's.’s housing market bouncing back

2011-12-08T11:43:00.000-08:00

ORLANDO, Fla. – Dec. 7, 2011 – Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend, according to three leading U.S. economists.

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”

Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.

“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”

Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction.

South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.

Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Schwartz Realty--877-660-4637
SEARCH ALL KEYS HOMES at www.RobSkeel.com

Keys 3Q Home Sales up 17%

2011-11-15T10:56:00.000-08:00

The Florida Keys real estate market recorded 1,621 sales in the first nine months of 2011,making it the best year date sales since 2006!

The Upper Keys jumped 32% over one year ago. Prices have increased 3% on average over 2010.

Pending home in the Upper Keys hit 569 in the 3rd quarter 39% better than last year.

Last year distressed property sales were 23% of the market this year that ratio has dropped to 7%.

If your planning to buy in the Upper Keys, the numbers tell the story, its time to buy. With sales heating up , prices increasing and historic low interest rates I can help you find the right house and the right deal.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Schwartz Realty
SEARCH ALL KEYS HOMES at www.RobSkeel.com

Mortgage loan limits may decline Oct. 1

2011-09-15T13:18:00.000-07:00

WASHINGTON - Sept. 14, 2011 - Fannie Mae, Freddie Mac and Federal Housing Administration (FHA) loan limits shrink a bit starting on Oct. 1, though the Florida impact will be felt mainly in high-cost home areas.

The U.S. Department of housing and Urban Development has a searchable database for loan limits, both FHA and Fannie Mae/Freddie Mac, on its website. To see statewide numbers, select only "Florida" and "county" for a search. Change the dates under "Limit Year" to see either the current rates or the rates effective after Oct. 1.

https://entp.hud.gov/idapp/html/hicostlook.cfm

For the record the National Association of Realtors has protested this potential mortgage limit change.

LOW MORTGAGE RATES

2011-09-07T10:48:00.000-07:00

The Florida Keys real estate market continues to improve. Inventory has reduced and prices have remained consistant for the past few months.

Cash sales are plentiful but if you are thinking of buying and need a mortgage, interest rates are at or near historic lows. The following article should be of interest to you.

You can check listings and get all kinds of information on my website www.robskeel.com

LOW MORTGAGE RATES

Recently reported data regarding U.S. jobs is having a negative

impact on global markets throughout the world. As stocks have suffered, the sluggish economy is keeping low mortgage rates in place as investors continue to choose safe assets.

Freerateupdate.com's daily survey of wholesale and direct lenders show that mortgage rates have remained stable for the past week as a result of uneasiness that continues to flood the markets. Current 30 year fixed mortgage rates are at 3.875%, 15 year fixed mortgage rates are at 3.250% and 5/1 adjustable mortgage rates are at 2.625%. On the bright side, the majority of consumers are employed and, with good credit, can take advantage of these historical low mortgage rates. With housing prices down, this can be a win-win situation for many and an opportunity that may never happen again. These low conforming rates are available with 0.7 to 1% origination point to well qualified borrowers who can meet lender guidelines to receive approval.

FHA mortgage rates also continue to be low. Many consumers choose FHA mortgage loans because they are consumer friendly since it is goal of FHA to promote homeownership. FHA 30 year fixed mortgage rates are at 3.750%, FHA 15 year fixed mortgage rates are at 3.500% and FHA 5/1 adjustable mortgage rates are at 2.750%. Despite FHA's higher closing costs (APR), which is due to the upfront mortgage insurance premium and other FHA fees, borrowers find FHA's benefits assist in making the overall transaction affordable. A down payment of 3.5% is accepted with a credit score as low as 580, but FHA mortgage rates are not affected by low credit scores. FHA also allows borrowers to use gifts that meet the guidelines, as well as housing grants to reduce FHA mortgage loans.

The only change this week was with jumbo 30 year fixed mortgage rates which are at 4.625%, a decrease of .125%. Jumbo 15 year fixed mortgage rates are at 4.375% and jumbo 5/1 adjustable mortgage rates are at 3.250%. Since jumbo mortgage loans are not government insured, borrowers must have excellent credit in order to receive lender approval. These are the lowest jumbo mortgage rates available with 0.7 to 1% origination fee to well qualified borrowers.

Rob Skeel e-Pro -- YOUR FLORIDA KEYS REAL ESTATE CONNECTION
Century 21 Schwartz Realty

First half 2011 Florida Keys Home Sales

2011-08-16T05:33:00.000-07:00

KEYS HOME SALES

Florida Keys home sales are up 15% over prior year. The Upper Keys showed a 33% increase compared to the same period January through June 2010 vs 2011.

Pending home sales are up 38% in the Upper Keys

Distressed properties have declined from 25% of listings to about 13%.

The listing inventory has shrunk 11% over prior year and the ratio between listing price and selling price is down to 8.5% vs the 12 to 13% it has been at for the past 3 years.

MORTGAGE RATES

Buyers with strong credit scores and cash for a healthy down payment can currently find rates like the following:

30 year fixed 4.125%

5/1 ARM 2.636%

Jumbos from 5% to 6%

Getting prequalified is key to obtaining these great rates.

Note: Jumbo rates may go up on October 1st because the government is planning to stop funding these rates and turn it over to the private sector which many economists forecast will cause Jumbo rates to increase.

Recent Sale: 2/2 condo on top floor with unbelievable views in Futura Yacht Club sold as a Short Sale for $200,000.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Schwartz Realty--877-660-4637
SEARCH ALL KEYS HOMES at www.RobSkeel.com

UPPER FLORIDA KEYS REAL ESTATE STATISTICS 1ST Q 2011 compared to 1ST Q 2010

2011-06-09T12:33:00.000-07:00

Even though the economy is sputtering along the Florida Keys real estate market is heating up.

Number of home sales 160 + 55%

Sales price to final list price 90.05%

Pending transactions 239 +35% ( all time high since 2nd Q 2004 )

Number of properties for sale 6% less

The market continues to improve with more sales, less inventory and very low mortgage interest rates.

If your seriously thinking of purchasing your Dream Home in the Florida Keys this is a great time to begin your search or take it to the next level.

As always, I am here to assist you, please send me an email or give me a call.

Rob Skeel

www.robskeel.com

YOUR FLORIDA KEYS REAL ESTATE CONNECTION

Buyers ready to snatch bargains this spring---Vacation home sales surge higher

2011-03-23T13:21:00.000-07:00

The following articles may be of interest to any home buyer who is waiting and watching for a good time to buy that dream home in the Florida Keys

Buyers ready to snatch bargains this spring
WASHINGTON – March 23, 2011 – Bargain prices on housing combined with low interest rates below 5 percent may bring the real estate market its busiest spring season in years, economists say.

Distressed sales continue to put downward pressure on home prices, which may lure more buyers off the fence and ready to snag a deal during the typical prime-time buying season.

Some builders are ramping up discounts on new homes as well as boosting commissions to brokers to try to spark more transactions.

Sellers of existing-homes also are getting more competitive in pricing their homes.

“After three years of the housing downturn, people are becoming much more realistic in terms of valuing their homes,” says Lawrence Yun, chief economist at the National Association of Realtors®.

An improved job market with better income potential may also motivate more people to buy, says David Berson of the PMI Group. “Household formations are also very important,” Berson says. “Kids may have moved back in with their parents, or two people may have moved in together because of job concerns. Now they can move into their own place.”

While interest rates are sitting comfortably below 5 percent for now (30-year fixed rates averaged 4.76 percent last week), economists warn the attractive low rates won’t last long.

“Few think mortgage rates are going lower,” says Mark Zandi, Moody’s Analytics chief economist. “It’s more likely they will be 6 percent than 4 percent next spring. This lights a fire under buyers.”

Source: “Discounts expected in spring housing market,” The Wall Street Journal (March

Vacation home sales surge higher
MIAMI – March 23, 2011 – Vacation home and condominium sales in Florida, Hawaii and other states hit hard by the housing downturn have posted dramatic gains.

In Miami, existing condo sales surged 58 percent during the year-over-year period ended in February; and statewide, condo and single-family home sales climbed 29 percent and 13 percent, respectively, due to low property prices and mortgage rates.

About 50 percent of these sales were cash purchases, and about 70 percent involved foreclosures or short sales.

“We’re even seeing instances in certain neighborhoods with multiple offers above asking price,” says Miami Realtors Chairman Jack Levine.

This means home prices continue to decline, with the median in Miami down 23 percent for single-family homes and 25 percent for condos from February 2010. However, prices are beginning to pick up on the Miami waterfront, where distressed sales accounted for only a fraction of transactions

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Washington Report--The end of a mortgage era

2011-02-21T11:06:00.000-08:00

Highlights of the "Obama" administration's white paper eliminates many of today's favorable mortgage conditions. So, if you plan to finance a home purchase it most likely will cost you more in the near future:

Higher insurance fees on FHA mortgages

A possible increase in minimum down payments for FHA-currently just 3.5%

Significant reductions in maximum loan amounts later this year for both FHA
and conventional loans eligible for purchase by Fannie or Freddie Mac unless Congress votes to retain the current statutory $729,750 limit for high-cost areas (Florida Keys) before it expires on Oct 1.

The report also calls for raising down payment requirements at Fannie Mae and Freddie to 10%

Retaining the controversial and costly add-on fees charged by Fannie & Freddie that can increase the expense of obtaining even a moderate sized mortgage by thousands of dollars.

The administrations wants to wind down Fannie and Freddie over the coming years but also reduce the size of FHA's role-cutting its market share from around 30 percent today to 10%.

Bottom Line:Get ready to pay more for mortgages no matter what ultimately happens to Fannie & Freddie.

Real estate is 'as affordable as it gets'

2011-02-11T07:59:00.000-08:00

NEW YORK - Feb. 10, 2011 - Now is a good time to buy real estate, according to data from Moody's Analytics. Home affordability has returned to pre-housing bubble levels or even fallen below the average in many U.S. markets.

In fact, housing affordability by the end of September had returned to or fallen below the average reached between 1989-2003 in 47 of the 74 housing markets that Moody Analytics tracked.

In September 2010, the ratio of home prices to annual household income had fallen to 1.6 - below the historical average of 1.9 between 1989 and 2003. The ratio peaked in 2005 at 2.3.

"Based on incomes, this is as affordable as it gets," says Mark Zandi, chief economist at Moody's Analytics. "If you can get a loan, these are pretty good times to buy."

Source: "Home affordability returns to pre-bubble levels," The Wall Street Journal Online (Feb. 8, 2011)

If you have question or need information about the Keys please contact me or go to my web site www.robskeel.com which contains all kind of great data about the Florida Keys.

Mortgage info and Florida Home sales results 2010

2011-01-21T06:48:00.000-08:00

2011 mortgage trends: jumbo loans, cash buys

WASHINGTON - Jan. 17, 2011 - The number of mortgage applications for home purchases is expected to become a bigger part of the mortgage market in 2011 as home prices stabilize, predicts the Mortgage Bankers Association. Refinancing has mostly dominated in recent months as homeowners looked to lock-in low interest rates, but experts predict refinancing to slow as new mortgage shoppers dominate.

Real estate analysts predict several other trends in the mortgage market for 2011:

· Rates on the rise. The Mortgage Bankers Association predicts mortgage rates to rise slightly in 2011 and hover around 5 percent. They expect rates to increase to about 6 percent in 2012.

· Jumbo loans become more attractive. Jumbo loans (loans over $417,000 in most housing markets and above $729,750 in high-cost housing markets) are expected to pick up pace in the next few months. Jumbo loans often have higher mortgage rates than conforming loans. However, with mortgage rates on jumbo loans dropping, experts predict a hike in refinancing and purchase applications for high-end housing.

· All-cash purchases. All-cash purchases represented about a quarter of all existing home purchases in the last four months of 2010, according to Lawrence Yun, chief economist of the National Association of Realtors®. He expects all-cash purchases to continue to represent a big part of the real estate landscape in 2011.

· Slow and complex mortgage loan process. The time between application and closing can take as much as 60 days and that's not expected to get any faster, experts say. Lenders often recommend borrowers lock in a loan 60, 75 or 90 days to help ensure the loan process will be completed within that lock-in period. The industry's new levels of documentation and verification are causing lengthy delays in the loan process, experts say.

Florida's existing home, condo sales up in Dec. and for 2010 December existing-home sales jump, says NAR

ORLANDO, Fla. - Jan. 20, 2011 - Sales of existing homes and condominiums in Florida rose in December, a positive trend also reported at the close of 2010 as statewide sales activity posted gains over the previous year, according to the latest housing data released by Florida Realtors®.

A total of 15,550 existing single-family homes sold statewide in December, up 4 percent from the 14,923 homes sold in December 2009.

Looking back on 2010, Florida's existing home sales rose 5 percent for the year, with a total of 170,848 homes sold compared to 162,873 homes sold in 2009. Statewide existing home sales activity in 2010 also was 37.5 percent higher than 2008 statewide sales, records show.

"It's encouraging to close out the year for Florida's housing market with increased sales activity," said 2011 Florida Realtors President Patricia "Pat" S. Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound. "The homebuyer tax credits helped to fuel home and condo sales during the first half of 2010, while favorable affordability conditions and historically low mortgage rates continued to bring buyers into the market in the waning months of the year.

"Looking to the future, 2011 is going to be a year of opportunity for buyers and sellers," Fitzgerald added. "Industry analysts report seeing steady economic improvements, including more jobs and stronger consumer confidence, which will have a positive, stabilizing impact on the housing market."

In Florida's condo market, a total of 72,050 units sold statewide in 2010, a gain of 29 percent compared to 55,900 units sold in 2009. Statewide existing condo sales activity in 2010 was up 90.6 percent over the 2008 sales level, records show.

The latest industry outlook from NAR offers positive predictions for 2011. "Continuing gains in home sales are encouraging, and the positive impact of steady job creation will more than trump some negative impact from a modest rise in mortgage interest rates, which remain historically favorable," said NAR Chief Economist Lawrence Yun. "All the indicator trends are pointing to a gradual housing recovery."

In December, the interest rate for a 30-year fixed-rate mortgage averaged 4.71 percent, down from the 4.93 percent average during the same month a year earlier, according to Freddie Mac.

I

Rob Skeel
Realtor Century 21 Keysearch Realty
e-Pro
305-393-6300
rob@robskeel.com
www.robskeel.com

Foreclosure Moratorium Update

2010-10-20T12:46:00.000-07:00

Moratorium on foreclosure sales empties bargain bin

Bargain buyers have to look harder to find foreclosed homes as bank-owned properties were yanked from the South Florida market during the past three weeks.

Four lenders froze foreclosure proceedings several weeks ago after allegations that paperwork was faulty, or in some cases even fraudulent.

It’s unknown how fast Bank of America, which said Monday that it was restarting its foreclosure proceedings, will be able to get its repossessed homes into circulation, but Realtors and investors say they hope the uncertainty clouding the process clears soon.

Also Tuesday, the White House said that an interagency task force on financial fraud has launched an investigation into the foreclosure process.

“If this turns into a lengthy situation, it could really destabilize the marketplace as discount buyers compete for properties or decide to sit on the sidelines.

The reduction of bank-owned homes leaves fewer than 4,000 foreclosures on the market in South Florida, including 1,650 single-family homes and 2,271 condominiums.

“The person I wouldn’t want to be is the listing agent on bank-owned properties because effectively they are going on vacation for the next quarter,” Zalewski said.

Some economists have said a foreclosure delay will pump up the economy by slowing the number of discounted properties going to market, which could even out or bolster home prices.

But investor Don Cameron, who owns a South Florida franchise of We Buy Ugly Houses, disagrees. Cameron buys many of his homes at Palm Beach County’s thrice-weekly foreclosure auctions, carefully researching the condition and history of each property before bidding.

When sales are pulled because of the moratorium, that research is wasted, he said.

Also, Cameron’s business involves rehabilitating homes, which means hiring people for construction jobs. Through the sales of the houses, Realtors make commissions, title companies have business, and taxes get paid.

“It’s all a domino effect and it’s stunting and halting economic recovery here,” Cameron said.

Two federal agencies look for fraud

WASHINGTON – Oct. 20, 2010 – The Obama administration said Tuesday that it has started its own investigation into mortgage foreclosures, joining the nation’s 50 state attorneys general in probing the alleged use of faulty or fraudulent documents to seize tens of thousands of homes.

White House press secretary Robert Gibbs released a statement Tuesday morning saying two federal agencies “have undertaken their own regulatory and enforcement investigation into the foreclosure process.”

The statement came the morning after Bank of America announced it would resume seizing more than 100,000 homes in 23 states next week, lifting a moratorium it imposed Oct. 8. The bank said that despite accusations that documents filed in courts were flawed, it had found no significant problems with its foreclosure actions.

Foreclosure laws are set by states, which makes federal prosecution difficult, defense lawyers said. The administration could pursue lenders and mortgage servicers under various federal statutes such as mail, wire or bank fraud, said attorney Daniel Mestaz of Scottsdale, Ariz.

In past federal investigations of big lenders, “It almost always ends up being some kind of settlement or arrangement, and the people who go to prison are the little guys,” Mestaz said.

Portland, Ore., lawyer Robert Calo suspects investigators will look at individuals such as notaries, but if fraud is “pervasive enough, if enough people are looking the other way, including higher officers, then they’ll tag the bank.”

Despite investigations of Goldman Sachs, Countrywide and AIG, no major player has been convicted in the subprime mortgage crisis, said former federal prosecutor Robert Mintz, now a New Jersey defense lawyer.

State attorneys general announced a 50-state probe on Oct. 12 into foreclosure practices. On Oct. 6, Attorney General Eric Holder said federal officials “are looking at” reports of mortgage fraud. Gibbs’ statement Tuesday goes further than Holder’s remark in saying that an “investigation” is underway by the Federal Housing Administration and the Financial Fraud Enforcement Task Force.

The task force, created in November, includes senior officials from 24 departments and agencies including the Justice and Treasury departments.

Task force leaders, including Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan, are scheduled to meet privately today to discuss the foreclosure crisis.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Florida Keys Real Estate Market result through August 31, 2010

2010-09-14T08:32:00.000-07:00

Welcome to Century 21 Keysearch Realty

It is a great time to find your dream home in the Florida Keys. Mortgage interest rates are at historical lows and residential home prices are very good.

The following are real estate statistics through August.

If you need additional information regarding a particular area of the Keys or about a specific type of property please let me know..

Market result through August 31, 2010

Upper Florida Keys

Residential properties sold - Up 22.1% over same period last year.

Pending sales Up 20.1% over same period last year.

Average sales price- down 15.2%

Florida Keys -Key Largo to Key West

Residential properties sold - Up 25.1% over same period last year

Pending sales Up 17.7% over same period last year

Average sales price- down 10.2%

Currently there are 201 pending sales in all of the Keys, 127 of these properties are under $400,000, 127 are between $400,000 and $1,000,000 and 7 properties over $1,000,000.

145 of these properties are either foreclosures or short sales.

Rob Skeel e-Pro
Century 21 Keysearch Realty
305-393-6300

YOUR FLORIDA KEYS REAL ESTATE CONNECTION

Good time for Canadians to buy property in the Florida Keys

2010-08-11T10:34:00.000-07:00

Low U.S. home prices, high loonie make it a good time to be a Canadian snowbird
TORONTO – Aug. 6, 2010

– Mary and Ron Ethier long believed a getaway home in the Florida sun would remain a retirement dream, but when a recent real estate turnaround opened the border to a growing flock of snowbirds, the couple suddenly saw an opportunity too tempting to pass up.

“We just felt with the prices that were happening down there, that it was out of our reach financially,” said Mary Ethier from her home in Pembroke, Ont. “But when their real estate market basically took a big hit and the Canadian dollar came up, we thought if we’re ever going to do it, now’s the time to get off our butts and go and do it.”

The couple, too busy with their lawn-care franchise to enjoy Ontario summers, toured homes in the Fort Myers, Fla., area in the fall of 2007 and made a lowball offer, expecting to negotiate, but instead found their deal accepted.

By January, they owned a condo in a gated community, a property foreclosed upon when the U.S. housing bubble burst and home prices began to plummet and many American homeowners realized they could no longer pay their mortgages.

The loonie has since risen to hover around parity while U.S. home prices have stagnated, creating new financial incentives for Canadians to act fast and scoop up American real estate deals.

“It’s a once in a lifetime opportunity for Canadians,” says Mark Dziedzic, a Canadian Realtor with Cross Border Realty and a snowbird himself.

The Sun Belt states of Texas, Arizona, California and Florida are favorites.

“People are buying $40,000 to $50,000 condos in Phoenix right now. Condos (in Toronto) are selling for $400,000 to $500,000,” Dziedzic said. Taxes, condo fees and closing costs are also generally less expensive in the U.S., he added.

Prices in most U.S. regions have steadied after falling for three years, but a high number of foreclosures persist, lowering prices, especially in Florida and Nevada, said Bank of Montreal mortgage specialist Laura Parsons.

“This is the time to buy if you’re going to,” she said.

“I think you’ve got to look at this as a long-term investment because you’re getting such a deal. You’re going to have to hang on to it for a while,” and ride out any further downturns before the market picks up again, she said.

There is a fine balance between rushing to buy and waiting for lower prices. Economists predict the U.S. housing market will remain soft, but it’s futile to make decisions based on where a currency or a housing market is going.

“I don’t think you need to rush down and get a place, but the good stuff in the lower price range ... those are moving. The good ones come up and they’re sold,” Dziedzic said.

Buying real estate in the U.S. is becoming easier for Canadians as more snowbirds snap up getaway homes. But experts caution that the buying process, which takes about three to four months, is a different beast.

© The Canadian Press 2010

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Real Estate Update & Reasons to buy a home

2010-08-06T11:10:00.000-07:00

Five reasons to buy a home
1. Low mortgage rates serve as an equity shock absorber. When buyers borrow at today's record-low rates, they start building equity as soon as they close. That means they can absorb a few ups and downs as the still-recovering housing market gains traction.

2. Many Houses are in move-in condition. Homeowners continue to spend on maintenance and repair, according to the Harvard Joint Center on Housing. As these houses enter the market, they stand in marked contrast to tattered foreclosures.

3. Terrific houses are coming on the market. Foreclosures are finally starting to clear the system, and they are being replaced by some very attractive properties.

4. Appraisal regulations are finally aligned with market realities. Fannie Mae has adjusted its appraisal guidelines, giving appraisers more flexibility to set values that reflect the current market.

5. Plenty of programs. Many programs that encourage middle-class families to buy homes still exist, despite market downturns. Buyers who qualify can get a big boost by combining one of these programs with today's low mortgage rates.

South Florida market, a hopeful sign

South Florida's housing sector asserted its independence from national trends in July as a key measure of the real estate market improved year-over-year.

In July, pending home sales in Miami-Dade County stood at 10,113, up 40.5 percent from July of 2009, according to figures released Tuesday by the Miami Realtors. In Broward, pending sales stood at 7,830 in July, up 25.4 percent from a year earlier.

Pending home sales refer to the number of housing contracts that have been signed, and offer an early indicator of sales activity because typical sales have a one- to two-month lag between a sales contract and a completed deal.

The Florida Keys Pending listings are up 19.5% compared to 2009 and the Sold listings are up 29.5% YTD.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Florida Keys Oil Spill update July 21, 2010

2010-07-21T11:13:00.000-07:00

According to the National Oceanic and Atmospheric Administration, the Loop Current has pulled even further away from the Transocean/BP spill site.

According to a new NOAA graphic, which is being displayed on the Monroe County Tourist Development Council’s special oil spill page at www.fla-keys.com/oilspill, the closest point of the oil slick to the northernmost edge of the Loop Current on Monday was about 350 miles.

The separation of the Loop Current from the spill site, coupled with the clockwise-rotating Eddy Franklin current in between, makes it extremely unlikely that oil residues, including tar balls, from the spill site will reach the Keys and Florida’s east coast.

The Loop Current is dynamic and its position can change, but given the large separation, officials continue to project low risks of oil residue impacts for the Keys.

Florida’s existing home, condo sales rise in May

2010-06-23T07:13:00.000-07:00

Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison. A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher – by $300 – than April's statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month's median.

@ Florida Association of Realtors | Posted: 06/23/10 at 0215 EDST

The Florida Keys real estate market is also showing signs of strengthening with many pending sales and sellers of non distressed homes willing to negotiate to move their property.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Mortgage rates hit low for year

2010-06-11T10:50:00.000-07:00

If your considering purchasing in the Florida Keys this is great news!

Freddie Mac: Mortgage rates hit low for year
Mortgage Rate Trend Index

No experts polled by Bankrate.com expect mortgage rates to go lower, but a majority (56%) doesn’t expect much change over the short term. The remaining 44%, however, predict an increase.
WASHINGTON – June 11, 2010 – Rates on 30-year fixed mortgages fell this week to the lowest level of the year and barely shy of the all-time low.

Mortgage finance company Freddie Mac says the average rate sank to 4.72 percent, down from 4.79 percent last week. It was just above the record of 4.71 set last December.

The average rate on a 15-year fixed-rate mortgage hit 4.17 percent, down from 4.2 percent last week and the lowest on records dating back to August 1991.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Q&A Regarding the Florida Keys and the Gulf Oil Spill

2010-06-08T11:37:00.000-07:00

The following is information regarding the Gulf oil spill and questions and answers addressing the spill's potential impact on the Florida Keys.

KEYS TOURISM ADVISORY 26 June 8, 2010 • 9 AM EDT

News and Information From the Monroe County Tourist Development Council

Q&A Regarding the Florida Keys and the Gulf Oil Spill (Revision 4)

Because developments regarding the Transocean/BP (British Petroleum) oil spill and its relationship to the Florida Keys continue to evolve, the Monroe County Tourist Development Council has updated this Question and Answer document originally published May 4 and revised several times since then. This should be
helpful to answer questions from current or potential visitors. It is also published on the www.fla-keys.com website in a home page-linked spill-related section, or go directly to www.fla-keys.com/oilspill.

I heard the Keys are in imminent danger of being affected by the oil spill. Is that true?

According to officials at the National Oceanic and Atmospheric Administration, or NOAA, semitransparent, noncontiguous sheens of oil and tar balls from the Transocean/BP oil spill have been seen near the Loop Current, while others are being entrained into a counterclockwise current eddy northeast of the Loop Current. NOAA insists in the time it would take for any oil to travel to the vicinity of the Keys, it would be highly weathered and both the natural process of evaporation and application of dispersants would reduce the oil volume significantly. It is still unclear whether the weathered oil would actually arrive in the Keys region or bypass the area and remain either in the Loop Current or enter the Gulf Stream (see explanation of Loop Current below). The bulk of the spill should remain away from the Loop Current, NOAA said.

What is the Loop Current?

The Gulf Loop Current is a dynamic, clockwise warm-water current that carries water from the Yucatan Channel north to the Gulf of Mexico, then eastward and looping back down south off Florida’s west coast, past the Dry Tortugas and into the Gulf Stream, also known as the Florida Current.

I have heard that oil will definitely hit the Keys and impacts will be devastating. Is that true?

NOAA, Coast Guard and other officials say the kinds of impacts the Keys and areas on the east coast might experience would be much different than what is transpiring in the northern Gulf of Mexico. Most experts say any oil that is moving south would be more dispersed and highly weathered by the time it reaches the Keys, which is some 500 miles from the spill site. That means it is highly unlikely that large “rivers” of heavy, aqueous oil — the kind of horrific impacts currently affecting some northern Gulf shorelines — would encroach on the Keys. The weathered and diluted oil would likely appear in isolated locations in the form of tar balls. While arrival of oil in any form is unacceptable, tar balls are “significantly less toxic to the
environment,” according to NOAA and Florida Department of Environmental Protection officials. It is possible one area of the Keys could be affected and others not, or that oil residues could remain in currents and completely miss the Keys.

What about the oil tar balls that have already been found in different parts of the Keys?

There has been much news coverage and I heard they were from the Gulf oil spill.
Since May 19, the U.S. Coast Guard has tested more than 40 tar ball samples and none were from the Gulf spill. Finding tar balls in Keys waters or on area beaches is not an unusual occurrence. The Keys are located along a busy commercial shipping route, with some 24,000 vessels passing by annually. Commercial vessels sometimes discharge bilge water that has oil in it. Unfortunately, even though it is illegal, officials believe some vessels are now using the Gulf oil spill as an “opportunity” to empty oily bilge water into the sea. Tar balls also can drift into Keys waters from many other areas, not just the Gulf region.

What is a tar ball?

A tar ball is a blob of oil that has been weathered after floating in the ocean. Tar ball concentration and features have been used to assess the extent of oil spills, and their composition can help identify their sources of origin. They are slowly decomposed by microorganisms. While not dangerous to most people, tar balls can cause allergic reactions and should only be retrieved by trained personnel. Tar balls can occur naturally and so are not always associated with oil spills. All tar ball or other oil-related sightings should be
reported to the Coast Guard at 1-800-424-8802.

Can you guarantee me that oil residues will not make their way into the Keys during my vacation?

Nobody can make a long-term guarantee that residues from the Gulf Coast oil spill will or will not reach the Keys. However, currently, expected impacts, if any, do not seem to be a serious issue for travelers. Each property has its own cancellation policy. It is prudent to check with the hotel as well as any other travelrelated
operator in advance to determine cancellation policies and if management will offer refunds or credits in the event oil adversely affects Keys waters. Some Keys resorts are offerring “oil-free vacation guarantees,” with written and web-published compensation policies.

I hear authorities have shut down fishing in the Keys.

That is not true. A large area in the Gulf of Mexico, west of the Keys, has been closed by NOAA Fisheries to protect the public. But no area in the Keys is under the order at this time. That means Keys-caught seafood has not been affected and is safe to consume.

Is it safe to dive, swim and participate in other water sports in the Keys?
Currently, there are no advisories in the Keys in effect due to the Gulf oil spill.

The Monroe County Health Department is monitoring the situation and would issue an advisory in the event of any health-related risk.

I hear the Florida Keys and much of Florida are under a state of emergency.

Twenty-six of the state’s 67 counties are under a state of emergency, even though moderate impacts have only been seen on northwest Florida beaches. A state of emergency is declared in advance of a potential emergency so the region can qualify for federal reimbursement funding and small business loans, if needed.
Visitors continue to be welcomed to all Florida areas that are under a state of emergency.

Are there protective actions being taken to safeguard the environment, if needed?

The U.S. Coast Guard is the lead government agency responsible for oversight of any necessary cleanup and remediation activities. The Coast Guard works in conjunction with other local, state and federal authorities to enact a 725-page area contingency plan that includes oil spill response actions. Some other agencies involved are NOAA’s Florida Keys National Marine Sanctuary, the Department of the Interior, Florida Department of Environmental Protection and Monroe County Emergency Management. All are operating under the recently established Florida Peninsula Command Center. Assessment and cleanup crews have been mobilized to mitigate tar balls, or any other unexpected effects. Currently, no protective actions are interrupting water- or land-related visitor activities in the Florida Keys.

When will this be over?

Officials don’t know for sure. The outcome and timing depend on when the leak at the Transocean/BP well site can be plugged or fully contained and how effective current mitigation efforts are in containing oil already in the northern Gulf of Mexico.

Where can I get more information on the oil spill?

The Keys tourism council is posting information — including official NOAA oil slick trajectory maps — on its website at www.fla-keys.com/oilspill as well as on Twitter and Facebook:

http://twitter.com/KeysNewsBPspill • http://www.facebook.com/floridakeysandkeywest
Spill-related websites includes:
http://www.deepwaterhorizonresponse.com • http://www.dep.state.fl.us/deepwaterhorizon/default.htm
Florida Oil Spill Information Line (8 a.m.-6 p.m. ET daily): 1-888-337-3569
###

State of Florida 1st Quarter Real Estate Sales Results

2010-05-13T08:46:00.000-07:00

ORLANDO, Fla. – May 11, 2010 — Sales of existing single-family homes in Florida rose 24 percent in first quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 38,846 existing homes sold statewide in 1Q 2010; during the same period the year before, a total of 31,410 existing homes sold. It marks the seventh consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.

Statewide sales of existing condominiums in the first quarter rose 67 percent compared to the same time the previous year. This marks the sixth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

"The first quarter data release from the Florida Realtors paints a picture of a housing market continuing down the long road to recovery," said Dr. Sean Snaith, director for the University of Central Florida's Institute for Economic Competitiveness. "Transactions in the single family market have extended quarterly year-over-year gains for nearly two years, and condo sales have also risen sharply. Median prices in most areas of the state continue to fall; however, the rate at which they are falling has diminished significantly and this is indicative of a bottom approaching.

"How long prices stay at the bottom and when price appreciation will reappear will depend in a large part on the improving fundamentals in the economy and credit markets."

The University of Florida's Bergstrom Center for Real Estate Studies' latest quarterly survey of real estate trends also notes positive signs of recovery in the state's real estate industry. The survey polls market research economists, industry executives, real estate scholars and other experts.

"Results indicate that the real estate market in Florida has hit bottom and is in the process of stabilizing across most property types," said Timothy Becker, the center's director. Private capital – both foreign and domestic – continues to enter the state in search of quality investment deals, he added.

Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2010 compared to the same three-month-period a year earlier, while all of the MSAs showed gains in condo sales.

The statewide existing-home median sales price was $133,800 in 1Q 2010; a year earlier, it was $140,900 for a decrease of 5 percent. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 16,897 units sold statewide for the quarter compared to 10,131 in 1Q 2009 for a 67 percent increase. The statewide existing-condo median sales price was $95,800 for the three-month period; in 1Q 2009, it was $110,000 for a decrease of 13 percent.

Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5 percent in 1Q 2010; one year earlier, it averaged 5.06 percent.

© 2010 Florida Realtors®

Florida Keys 1st Quarter Real Estate Results

2010-04-19T07:21:00.000-07:00

The first quarter result for 2010 for sold properties is 404 homes sold a 37% increase over the same period in 2009.

Short Sales and Foreclosures accounted for 150 of those sales.

Of the 404 sales Key West led the way with 156 sales, the Upper Keys had 91 and the balance were from Mile Marker 74 to Key West.

The inventory is still crowded but has dropped 16% from last year.

The difference between final list price and sales price is now 91%, up from 87% at year end. During the peak years it was 95%. Prices are getting to where there is less margin between what a seller is willing to take and the buyer is willing to spend.

Pending sales are so strong that they should continue to support positive closed sales through spring on into summer.

The average for closings is around 60 to 90 days when financing is involved. Average closings use to take about 45 days. Interest rates are still low but have begun to trend up after the Fed stopped subsidizing rates the end of March.

I hope you find this information helpful. When you need a realtor please think of me to assist you with your real estate needs.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

First Quarter 2010 Florida Key's Real Estate Update

2010-03-29T11:48:00.000-07:00

With the lowest prices seen in years, rock bottom interest rates and federal tax breaks, Florida Keys property sales for January and February are running 40% ahead of last year and March is looking positive as well.. There are 16 percent fewer homes for sale and 60% more pending sales compared to last year.

Things to consider!

Interest rates may not be this low much longer as the Treasury's subsidy is set to expire at the end of March. Rates may head up from there.

It is a buyers market but buyers need to be realistic in their price expectations. There are many sellers who are not desperate to sell (not a short sale or forclosuer) and still want a fair value for there home.

If you are one of the buyers with either cash or who is preapproved for a loan, that can go a long way in negotiations and help get the best deal possible. Just be prepared for when the right home comes along, to move on it as the competition amongst the good deals is becoming fierce.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300
Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Green Certified Real Estate Professional, FHA Certified, SFR

Fed weighs how and when to signal higher rates

2010-03-17T07:18:00.000-07:00

Seriously thinking about purchasing a place in the Florida Keys? Our inventory has dropped considerably and with the possibility of higher interest rates in the future this could be the best time to make your move.

WASHINGTON (AP) – March 16, 2010 – Debate is heating up within the Federal Reserve over how and when to signal that the days of record-low interest rates are numbered.

A rate hike isn’t imminent. But at their meeting Tuesday, Federal Reserve Chairman Ben Bernanke and his colleagues will likely focus on how to telegraph that higher rates are coming once the economic recovery is more deeply rooted. Eventually, Fed policymakers will need to start bumping up rates to head off inflation.

It will be a challenging maneuver. Fed officials will want to signal a move to higher rates in advance so borrowers and investors aren’t jarred. And they will need to send a signal that isn’t confusing.

The Fed has held rates at a record low near zero since December 2008. Bernanke and other Fed officials have said low rates are still needed to underpin economic growth.
But they need to decide whether to keep or modify their yearlong pledge to hold rates at record lows for an “extended period.” Economists generally think “extended period” means at least six more months.

The Fed could drop that commitment altogether. Or it could pledge to keep rates low only for “some time” or vow to keep “policy accommodative.” Or it could change its language in some other way to stress that credit will be tightened when the time is right. Any such step would signal that the days of easy money are fading.

Inside the Fed, debate is intensifying.

Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, has pushed to change the signal. At the Fed’s last meeting in late January, Hoenig dissented from the “extended period” pledge. He favored saying rates would stay low for “some time.” He thought that would give the Fed more flexibility to start raising rates.

Some economists aren’t ruling out a change in language at Tuesday’s meeting. Others don’t think a change will come until the Fed’s next meeting on April 27-28.

“During the Depression, the Fed tightened policy too soon and cut off the recovery before it was self-sufficient,” said Joel Naroff, president of Naroff Economic Advisors. “The Fed doesn’t want to make that mistake again. I think that they are willing to stay with very easy money longer than they might normally because of all the damage that has been done to the economy.”

The recession wiped out 8.4 million jobs. And with companies still wary of ramping up hiring, the unemployment rate – now at 9.7 percent – is likely to stay high.

Even though the jobless rate hasn’t budged for two months and companies aren’t cutting as many jobs as they did a year ago, hiring is tepid. Consumer and business spending is sufficient to keep the economy growing only modestly. The housing and commercial real-estate markets are wobbly. Lending remains tight.

“Cautiously optimistic is where the Fed is right now,” said William Cheney, chief economist at John Hancock. “But it is heavy on the caution and light on the optimism.”

That helps explain why the Fed is expected to keep its key rate at a record low Tuesday. It has held its target range for its bank lending rate at zero to 0.25 percent since December 2008. In response, commercial banks’ prime lending rate, used to peg rates on certain credit cards and consumer loans, has remained about 3.25 percent – its lowest in decades.

Super-low rates benefit borrowers who qualify for loans and are willing to take on more debt. But they hurt savers. Low rates are especially hard on people living on fixed incomes who are earning measly returns on savings accounts and certificates of deposit.

The Fed could start boosting rates as early as June – if economic growth accelerated. A more likely time is this fall, economists say.

Investors also will be looking to see if the Fed makes any changes to an economic-support program that’s lowered mortgage rates and bolstered the housing market. Under that program, the Fed is scheduled to end its mortgage-securities purchases from Fannie Mae and Freddie Mac at the end of this month.

Some analysts fear that once the program ends, mortgage rates could rise. That could weaken the recovery in housing and the overall economy. The Fed has left the door open to extending the program if the economy weakens.

Please contact me and I will help you find just the right property and negotiate in your behalf to get the best deal. It doesn't cost you a dime and I can save you valuable time searching for that DREAM home.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

2009 Florida Keys YE Real Estate Stats

2010-03-04T11:13:00.000-08:00

2009 Total # of property sales was up +34% over 2008!

Months of Inventory, a measure of how many months it would take to sell the existing property inventory, is 28 months down from a peak of 55 months.

The Florida Keys real estate market showed steady improvement as 2009 progressed with the last months of the year showing the largest gains. This momentum continued into 2010 driven by attractive interest rates, home buyer credits, a continuing decline in prices and inventory and a recognition that prices are stabilizing. The 3rd and 4th quarters of the year, historically the slowest time of the year for sales in the Keys, were the best quarters in 2009. All indicators point to a much improved real estate market in 2010.

No one knows how long the great interest rates will be available or when housing prices will start to go back up.

If your considering purchasing your dream home in the Florida Keys please contact me and I will assist you with finding the property your seeking and negotiate a good price.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Thinking of purchasing your dream home? Good information for you.

2010-02-12T07:40:00.000-08:00

4 reasons to sell now ORLANDO, Fla. – Feb. 9, 2010 – Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign:

• Sell low and buy low. Because all property values are down, the loss on the property a homeowner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.

• Downpayment help is widely available. While nothing-down loans have disappeared, it’s easy to find downpayment assistance for lower-income and first-time homebuyers. Programs vary all over the country, but one good way to find them is to search online for “downpayment assistance programs” and the name of your region.

• Your Uncle Sam has money to share. Besides the $8,000 first-time homebuyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.

• Good help is available. Really talented real estate practitioners, contractors and designers are available and eager for business.

Fed’s plans bode well for homebuyers WASHINGTON – Feb. 11, 2010 – Federal Reserve Chairman Ben Bernanke said Wednesday he doesn’t expect the central bank to sell its huge trove of mortgage securities anytime soon, easing fears the move would raise borrowing costs for home buyers.

“I currently do not anticipate that the Federal Reserve will sell any of its security holdings in the near term, at least until after policy tightening has gotten underway and the economy is clearly in a sustainable recovery,” he said in testimony prepared for a congressional hearing Wednesday that was postponed due to a snowstorm.

But Bernanke provided his most detailed blueprint yet for draining the massive reserves of cash the Fed pumped into credit markets after the financial crisis.

That cooled the markets. The Dow Jones industrial average closed down 20.26 points at 10,038. The Fed’s purchase of $1.25 trillion of mortgage-backed securities has pushed down mortgage rates and stoked home sales.

But some fear the massive liquidity will spark inflation. Bernanke said the most drastic option – selling securities – isn’t imminent, and interest rates will stay low for “an extended period.” Conrad DeQuadros of RDQ Economics doesn’t expect the Fed to raise rates until next year. The Fed plans to end purchases of mortgage securities by March 31. Economists such as DeQuadros say that will lead to modestly higher mortgage rates.

Bernanke reiterated that the Fed has other tools to drain reserves from credit markets to stave off inflation. It could boost the interest rate it pays banks to keep excess cash at the Fed, and offer a “term deposit” that would pay an even higher rate for a bank to park cash for a longer period. Both would discourage lending. The Fed also could sell its securities with an agreement to buy them back in the future. Such reverse repurchase agreements, or “reverse repos,” would temporarily siphon cash from markets.

Bernanke said under a possible scenario, the Fed would use various tools to remove small amounts of cash from credit markets, then increase the interest rate it pays on bank reserves to reclaim larger amounts. But if cash must be withdrawn rapidly, it would also offer term deposits and conduct reverse repos.

Bernanke said the Fed plans soon to raise the discount rate it charges banks for emergency loans, a rate it lowered amid the financial crisis. Economists say that does not herald higher interest rates for consumers.

“It’s consistent with the Fed saying … the crisis is past us,” says James O’Sullivan, chief economist of MF Global.

Please let me know what type of property your thinking of, where in the Keys you'd like to be and your price range and I will work to find just the right property for you.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

YOUR FLORIDA KEYS REAL ESTATE CONNECTION

Real Estate Information regarding Fannie Mae & Future Interest rates

2010-02-02T07:58:00.000-08:00

Fannie to offer closing cost aid on foreclosures WASHINGTON – Feb. 1, 2010 – Fannie Mae, the largest provider of residential home funding in the United States, announced on Friday that it would start to pay closing costs for buyers of foreclosed homes in its inventory. Buyers of qualified properties will get up to 3.5 percent in closing costs or an equivalent amount for the purchase of new appliances.

Fannie wants to clear out the nearly 50,000 properties it has in inventory – listed on HomePath.com, the Web site created by Fannie Mae last year to sell the growing number of foreclosed homes. The offer is available to any owner-occupant who closes on the purchase of a property listed on HomePath.com before May 1, 2010. Applicable properties can be found on HomePath.com, along with property descriptions, photographs, community and school information, and more.

In addition, some Fannie Mae-owned properties are eligible for special HomePath Mortgage and HomePath Renovation Mortgage financing, which offers qualified homebuyers the ability to purchase with as little as 3 percent down.

© 2010 Florida Realtors®

It’s not if interest rates will rise but when COLLEGE STATION, Texas – Feb. 1, 2010 – According to Dr. Mark Dotzour, chief economist for the Real Estate Center at Texas A&M University, mortgage interest rates are low right now but don’t expect that to last. When the government quits buying mortgage-backed securities, rates will head up and away.

Dotzour says that mortgage rates were low at the end of 2009 because “the global consensus among bondholders appeared to be that inflation will remain low in the United States for an extended period. This caused the ten-year U.S. Treasury rate to fall to between 3.2 and 3.6 percent for much of the second half of 2009.”

With extraordinary levels of federal deficit spending, Dotzour says it is unlikely that the low-inflation scenario will be popular when the economy starts to rebound. Consumers should expect mortgage rates to rise when signs of improvement appear.

A second factor contributing to the low mortgage rates is the Federal Reserve Bank’s unprecedented purchase of nearly all the mortgage-backed securities issued by Fannie Mae and Freddie Mac in 2009, he adds. Totaling more than $1 trillion for the year, this program has been extended through the end of March 2010.

“The Fed has never done this before in its history,” says Dotzour. “They are doing this to stimulate the economy by keeping mortgage rates as low as possible. When the Fed stops buying these securities from Fannie and Freddie, mortgage rates are likely to increase, and possibly quite abruptly.”

How far will rates go up when the Fed terminates its buying program? Dotzour says that question is difficult to answer precisely because this has never been done before; but many experts think that rates could move up one-half to 1 percent.

“The combination of extraordinarily low mortgage rates and current price levels are making homes extremely affordable to American families. In fact, national and Texas housing affordability indices indicate that homes are more affordable than ever. But this will not last. When the economy recovers and the Fed stops purchasing mortgages, rates will rise.”

© 2010 Florida Realtors®

YOUR FLORIDA KEYS REAL ESTATE CONNECTION

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Florida Home Sales & Interest Rates

2010-01-26T06:46:00.000-08:00

If your thinking about purchasing Florida Keys property the cost of your purchase may start going up as the year progresses.
Please contact me and let me know what type of property and where you'd like to be and your price range and I will work to find just what your looking for.

Rob Skeel Realtor
Century 21 Keysearch Realty
305-393-6300
rob@robskeel.com

Florida’s existing home, condo sales up in December 2009

Dec. existing-home sales down, prices rise; 2009 sales up, says NAR.
ORLANDO, Fla. – Jan. 25, 2010 – Florida’s existing home sales rose in December, marking 16 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 33 percent last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.3 percent over statewide sales activity in November.

Florida Realtors also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year’s sales figure; statewide existing condo sales last month rose 22 percent over the total units sold in November.

Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in December. A majority of the state’s MSAs have reported increased sales for 18 consecutive months.

Florida’s median sales price for existing homes last month was $140,400; a year ago, it was $155,300 for a 10 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in November 2009 was $171,900, down 4.4 percent from a year earlier, according to NAR. In California, the statewide median resales price was $304,520 in November; in Massachusetts, it was $285,000; in Maryland, it was $245,569; and in New York, it was $210,000.

According to NAR’s latest outlook, home sales are seeing a boost from the federal homebuyer tax credit. “There are many more potential buyers who can enter the market in the months ahead,” said NAR Chief Economist Lawrence Yun. “Activity should ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010. In all, 4.4 million households are expected to claim the tax credit before it expires, and balance should be restored to the housing sector with inventories continuing to decline.”

In Florida’s year-to-year comparison for condos, 5,968 units sold statewide last month compared to 3,132 units in December 2008 for an increase of 91 percent. The statewide existing condo median sales price last month was $107,000; in December 2008 it was $130,300 for an 18 percent decrease. The national median existing condo price was $178,000 in November 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.93 percent last month, significantly lower than the average rate of 5.29 percent in December 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Lifelines dry up for mortgage lending WASHINGTON – Jan. 25, 2010 – For more than a year, the government pulled out the stops to revive homebuying by driving down mortgage rates.

Now, whether the housing market is ready or not, the government is pulling out.

The wind-down of federal support for mortgage rates, set to end in two months, is a momentous test of whether the Obama administration and the Federal Reserve have succeeded in jump-starting the housing market and ensuring it can hold its own. The stakes for the economy are massive: If the market again falls into a tailspin, homeowners could face another wave of trouble, and it would deal a body blow to President Obama’s efforts to get the economy on track.

Keeping the mortgage rates at historic lows, which required a commitment of more than $1 trillion, was viewed within the administration as a central plank of the economic strategy last year, senior officials said. Though the policy did not attract as much attention as rescue efforts to bail out banks, it helped revitalize homebuying in some parts of the country and put money in the pockets of millions of homeowners who were able to refinance into lower monthly payments, the officials added.

“We did what we thought was necessary to stabilize the market, but we don’t think the government should continue special efforts forever,” said Michael S. Barr, an assistant secretary at the Treasury Department. “As you bring stability, private participants come back in. We do expect this now that the market has stabilized. I’m not going to say there will be no effect on rates, but we do think you are seeing market signs and market signals that there should be an orderly transition.”

A few federal officials and many industry advocates disagree, saying the government is exiting too soon. They offer dire warnings of higher rates and a slowdown in home sales. Fed leaders say they will end a marquee program supporting the mortgage markets in March. Obama’s economic team, led by Treasury Secretary Timothy F. Geithner, has decided not to replace it and has been shutting down its own related initiatives.

Over the past year, these programs have enabled prospective homebuyers to get cheap loans, helping those buying and selling property as well as those eager to refinance existing mortgages. If the end of the initiative drives up interest rates, say from 5 percent to 5.5 percent, homeowners could be deterred from refinancing, industry officials say. A sharper increase in rates could make homes too expensive for many buyers, forcing them from the market and causing the recent pickup in home sales to stall.

“Mortgage rates are the lifeblood of the housing market, and we have cautioned the Fed about the sudden stoppage of this program,” said Lawrence Yun, chief economist of the National Association of Realtors.

But senior government officials said it could be hard to reverse course without damaging the credibility of the Fed and the administration. If the government loses the trust of the financial markets, preparing them for policy changes could be tougher, possibly resulting in economic disruptions. The officials said they also worry that the mortgage market is becoming overly dependent on federal support, inserting the government too deeply into private enterprise.

Only a new crisis would be able to persuade the administration and the Fed to change their minds, officials said.

“This is a worthy experiment to see if they can begin exiting after providing an unprecedented amount of money to one sector of the economy,” said Mark Zandi, chief economist at Moody’s Economy.com. “It’s a close call, though. I can see why they are debating it.”

The Fed’s policymaking body sets a key interest rate at periodic meetings, which in turn influences rates for all kinds of loans. But mortgage rates also are shaped by the health of the market financing these loans.

Banks typically create giant pools of home loans and turn them into securities that can be traded on the open market. When the system is working, many investors buy these mortgage-backed securities, providing a stream of money for lenders so they can make loans at relatively cheap rates. But the trading of these securities seized up when the financial crisis struck and panicked investors. Government officials feared that the mortgage market would collapse.

The Fed and the Treasury stepped into the breach, becoming the only major buyers of these mortgage-related securities, and they kept the mortgage market flush with cash. The Treasury spent about $220 billion, and the Fed pledged $1.25 trillion, the single largest foray the central bank has made into the markets since the onset of the crisis. In essence, the Fed has been printing money and funneling it to people looking to buy a house or refinance an existing mortgage.

At the same time, the federal government stood behind mortgage-finance companies Fannie Mae and Freddie Mac by taking them over and pledging to cover their losses. That helped the firms lower borrowing costs, since lenders know they can’t fail, and the companies passed on their savings to mortgage borrowers in the form of low rates.

Combined, these federal efforts helped push down the rates ordinary Americans pay for a mortgage. The 30-year fixed-rate mortgage declined from 6.04 percent in November 2008, according to Freddie Mac data, and hit an all-time low of 4.71 percent about a year later.

Refinancings surged, while homebuying perked up. Existing-home sales climbed nearly 10 percent in September, their highest level in more than two years.

The policy was the government’s most effective salve for the ailing housing market at a time when other initiatives, such as the administration’s attempts to modify the mortgages of struggling homeowners, produced far more disappointing results.

Now the government wants to end its support for low rates and has been striving to persuade others to buy mortgage securities.

The success of this approach hinges on the willingness of private investors, from China to big Wall Street funds, to buy large amounts of the mortgage securities and fill the void left by the government.

On Christmas Eve, Treasury officials announced a move that would cover losses suffered by investors who buy these securities from Fannie Mae and Freddie Mac, which together now back about half of the nation’s $12 trillion mortgage market. The goal was simple, officials said. They wanted private investors to be reassured that mortgage securities are safe to buy.

As the economy showed signs of recovery at the end of last year, the administration and the Fed decided to end their support.

The Treasury stopped buying mortgage securities in December. The Fed said it would taper off purchases gradually, ending them by March 31.

Obama’s economic team could have raised the limits on how much mortgage securities Fannie and Freddie can buy, allowing those firms to replace the Fed’s purchasing program. But Barr said the administration thinks the mortgage business will stand on its own without such special assistance, similar to the way the nation’s biggest banks weaned themselves off federal bailout funds by raising private capital.

“The basic goal is to implement a gradual process where the government’s role in the economy goes down,” Barr said. “It has to be consistent with the basic goal of stability, but it is appropriate.”

Administration and Fed officials expressed confidence that rates will rise only modestly – perhaps a quarter of a percentage point. They attribute their optimism to the lengthy notice they have given the market. The markets already should have anticipated the government’s exit by adjusting interest rates higher. Yet mortgage rates have been falling slightly the past few weeks.

The optimism at the White House and the Fed, however, is not shared across the government. A few senior policymakers at the central bank view the economic recovery as still too fragile, suggesting that purchases perhaps should expand further. These dissenters also warn that mortgage rates could shoot up, perhaps to 6 percent or higher, because private investors buying securities would demand a greater rate of return than the Fed. To reach it, lenders may have to raise rates for consumers.

“Presumably, there is pent-up demand from the private sector, but the question is: At what rate are they going to be interested?” said Eric S. Rosengren, the president of the Federal Reserve Bank of Boston, who has indicated that he supports expanding the Fed’s mortgage securities purchase program.

There also could be unintended consequences to the government’s pull-out. Last year, big investors such as Pimco sold their mortgage-backed securities to the government and used that money to buy bonds and stocks. That extra cash, which propped up stock prices, could drain away after federal support ends.

Real estate and mortgage finance officials said the timing of the government’s exit seems especially ill-conceived, since the Fed’s support would end just a month before a homebuyer tax credit program, which the real estate industry has credited with jump-starting home sales.

Given the importance of the housing market, some industry officials doubt whether the government will follow through with its pledge to exit the mortgage market in March. Fannie and Freddie officials say that the companies together can buy about $300 billion of mortgage securities by the end of the year before they hit their federally mandated limits. Though it appears reluctant to do so, the administration could use that buying power to cushion the blow after the Fed’s program ends, the industry officials said.

Homebuyers need a good credit score even with 20% down

2009-12-16T08:18:00.000-08:00

Thinking of purchasing a home? Good information regarding obtaining a mortgage even with good credit.

WASHINGTON – Dec. 15, 2009 – Five years ago, if your application for a mortgage included a 20 percent downpayment, your bank would have approved your loan by sundown and sponsored a parade in your honor.

But in this new era of tight credit, having a big downpayment no longer guarantees you’ll qualify for a mortgage. Starting this week, mortgage finance giant Fannie Mae will require borrowers with a 20 percent downpayment to have a credit score of at least 620. Previously, the cutoff was 580.

Fannie Mae buys loans, providing an important source of financing for lenders. For that reason, its guidelines are considered the gold standard for mortgage loans. Most banks are expected to adopt the new standards, if they haven’t already.

“Credit scores have never mattered quite as much as they do now,” says Bob Walters, chief economist for Quicken Loans.

In addition, Fannie Mae won’t approve loans for borrowers with a 20 percent downpayment if more than 45 percent of their gross monthly income goes toward debt. Fannie Mae didn’t disclose the previous debt limit, but it was higher than 45 percent, says Fannie Mae spokesman Brian Faith.

The higher standards could frustrate buyers hoping to take advantage of low interest rates, depressed home prices and generous tax breaks that were recently extended until next spring. Even buyers who qualify for a mortgage may find that they’re ineligible for the best rates because lenders have tightened their standards across the board, says Gerri Detweiler, credit adviser for Credit.com.

If you’ve already found a home you’d like to buy, there’s not much you can do to raise your score before you apply for a loan. But if you’re just starting to tour open houses, there are steps you can take to improve your credit profile, including:

• Review your credit reports for errors. Go to AnnualCreditReport.com and order your credit reports from the three main credit-reporting bureaus: Experian, TransUnion and Equifax. You’re entitled to a free credit report once a year from all three of the bureaus, but only if you go through this website.

Once you receive your credit reports, go through them and look for inaccurate information, such as accounts you never opened. All of the credit bureaus provide a process to dispute errors, says Craig Watts, spokesman for Fair Isaac, which created the widely used FICO score.

• Pay off credit cards and other debts. One of the factors used to calculate your credit score is your “credit utilization ratio,” which measures the amount of credit you have outstanding vs. your total available credit. This ratio accounts for 30 percent of your score. Paying off balances will increase the amount of unused credit you have available, which will help your score.

But even if you’ve decided never to use credit cards again, don’t close your accounts. Closing a credit card account won’t help your credit score and could hurt it, Watts says. When you close an account, you reduce the amount of your available credit, which could hurt your credit utilization ratio.

• Avoid opening any new accounts. “Every new account you open is likely to drop your credit score, at least a little,” Watts says.

Checking your score

When you order your free credit reports from AnnualCreditReport.com, your credit scores aren’t included; you’ll have to pay a fee to get them.

In recent months, though, several services, such as Quizzle, Credit Karma and Credit.com have launched programs that provide free credit profiles. These websites can provide a useful snapshot of your credit standing and provide tips on how to improve it, Detweiler says.

If you’re planning to buy a home a year from now, she adds, it doesn’t make sense to spend a lot of money to buy scores that could change by the time you apply for a loan.

But house hunters who plan to apply for a loan in the next few weeks should know their actual FICO scores, because that’s the score most potential lenders use, Detweiler says.

You can buy your FICO score and credit report from TransUnion and Equifax at www.myfico.com for $15.95 each.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Positive Economic News

2009-11-30T10:05:00.000-08:00

I hope everyone that reads this had a nice Thanksgiving.

I thought this article does a good job of explaining where the US economy currently stands and some of the positives that are at work. Lets all hope these positive signs continue and we have a much improved 2010.

The glass is half-full: Why the U.S. economy will strengthen in 2010
Joseph Lazzaro

It's been hard times for the U.S. economy. The unemployment rate essentially doubled as the economy contracted, making the recession from 2007 to 2009 the longest and worst since the 1930s.

But while long-term and structural factors are likely to weigh on economic growth in the quarters ahead, the outlook isn't all bad. Investors would be remiss if they didn't consider certain "rays of light," factors that are working in the economy's favor. Here are the major positives heading into 2010:
U.S. unemployment rate is nearing its peak. Nothing symbolizes the nasty 2007-2009 recession more than the nation's high unemployment rate, now at 10.2%. It's just awful, and broader measures of joblessness -- such as those that include part-time workers who want full-time work and discouraged workers -- are above 15%.

The bright side? Unemployment is likely nearing its peak. True, the rate may rise to 10.5% or 10.7%. Historically, it goes up for at least six months after a recovery starts. But the major job-cutting period is likely over. Temporary hiring, which usually telegraphs the start of the hiring cycle, is now trending up.

What's more, the U.S. economy could see a net gain in jobs per month as early as the first quarter of 2010. Yes, we need lots of new jobs -- probably about 13 million to 15 million -- but you have to start somewhere.

Consumer confidence is rising. Although it's meandered much of the second half of 2009, consumer confidence nevertheless appears to have bottomed. As measured by The Conference Board, confidence rose to 49.5 in November, which is hardly spectacular (base year 1985 = 100). But when one considers that the index hit a record low of 25.3 as late as February, it's easy to see how far the nation has come.

In general, consumers understandably have taken a cautious, wait-and-see stance toward the economy. They're encouraged by improving business conditions and the stock market's rise, but they remained concerned about high unemployment and the lack of job creation.

And while a segment of consumers likely have permanently cut back on their spending, another large bloc is most likely just waiting for more signs of economic growth before making a purchase or two. When that occurs, that should help the economy grow at a faster pace.

Lean and mean inventories. You won't read much about "totally unsexy" business inventories in the popular press, but know this: Businesses have cut inventories about as much as they can. In fact, many have pared inventories too much, because they thought they would be left with tons of products and no buyers when it looked like the economy was headed for a second Great Depression during the financial crisis's acute stage.

And inventory declines lead to production declines, which is one reason the unemployment rate has soared. Nevertheless, those same lean inventories will provide an above-normal boost to employment and GDP in 2010, as businesses start to replenish inventories during an economic recovery. Manufacturing is already signaling the start of this cycle: Industrial production has increased for four straight months.

Corporate bond sales soared. Here's another under-the-radar statistic, but it's vital for U.S. economic health: U.S. corporations raised a record $1.171 trillion in bond sales in 2009, compared to just $874 billion in 2008, according to data compiled by Bloomberg News. Corporations took advantage of superlow interest rates to raise the money they need to expand.

The significance for investors? First, credit markets continue to heal. The U.S. Federal Reserve's facilities and guarantees are enabling corporations to get the capital they need and to borrow at reasonable rates. Second, corporations aren't going to raise money to expand if that money isn't going to be deployed. They expect to use that money to expand, start new projects and take other positive steps.

In short, companies are expecting economic growth ahead. That's good news for hiring trends. It's also obviously bullish for GDP because it tends to increase when businesses start to invest, make purchases and expand.

The stimulus is with us. The Obama administration's $786 billion fiscal stimulus package has its share of critics, but know that its aid to states and related support programs prevented a deeper recession. Equally significant: The remainder of stimulus funds will be spent in the first half of 2010, hence the package will continue to boost the economy.

The stimulus is kind of the "Rodney Dangerfield" of policy actions: It gets no respect. Or, as U.S. Rep. Barney Frank (D-Mass.) often says, "Congress gets no credit for averting something." But Americans should understand that the stimulus is helping to fill a very big GDP hole: Who knows how many states would have faced very dire circumstances without the assistance.

Make the best, ship it to the East. During the recent expansion, export-dominant economies in emerging markets came to the fore, and their mantra was "Make the best, and ship it to the West." To be sure, the economies of China, India, Brazil, etc. were too dependent on exports and remain so, and they have inadequate domestic consumption. But now it looks like another country may be joining the export party: the U.S.

We're very early in the global economic recovery cycle, but at least initially, it looks like demand in countries like China, India and Brazil is rising, with higher consumer spending. Combined with a weak dollar, this is boosting U.S. exports. If the trend continues, it will provide another (and unexpected) upward push to U.S. GDP.

Don't ignore the positive side of the ledger. No one should harbor any illusions about the size and seriousness of the economic challenge the U.S. faces as it enters 2010. To paraphrase Irving Black, the track-and-field coach at my high school, "the U.S. economy has a minor problem that nothing short of, oh, 13 million to 15 million new jobs can't solve." The task ahead is enormous.

But neither should investors ignore the positive side of the ledger: Key economic fundamentals have turned or are starting to turn in the U.S. economy's favor, as the housing, inventory, bond market and export statistics attest. Now if the U.S. economy can identify a new sector or engines of growth -- as it has done during past restructurings -- that will do much to get the great American job creation machine rolling again. That would be the final piece of the recovery puzzle.

When you need real estate assistance in the Florida Keys please think of me.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Green Certified Real Estate Professional, FHA Certified

Find a Home http://robskeel.com/homes_for_sale.shtml

Good Real Estate New-Tax Credits Extended- Interest Rates Stay Low

2009-11-20T12:28:00.000-08:00

Good news for first time homebuyers and primary home buyers.

WASHINGTON –

The $8,000 tax credit for first-time home buyers was extended.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers.

Buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement.

Other News.

Sales of homes continue to increase in the Keys as well as the rest of Florida. Asking prices are at levels we haven't seen in a number of years and interest rates remain near record lows. When your ready to start looking or buying please keep me in mind.

Please contact me if I can be of assistance with your home search.

Thanks

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Mortgage Loan Limits & Home Buyer Credits

2009-11-05T08:11:00.000-08:00

FYI--Extensions pending for programs which will assist you with purchasing your dream home in the Florida Keys.

Congress extends higher mortgage loan limits

WASHINGTON – Nov. 2, 2009 – On Thursday, the U.S. Congress passed a congressional resolution to extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present, higher loan limits expire at the end of 2009 and revert to previous lower limits. The move still needs to be signed by President Obama, which is expected shortly.

The National Association of Realtors® (NAR) thanked Congress for speedy action.

“NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy,” says NAR President Charles McMillan. “The higher limits, along with the homebuyer tax credit extension, are necessary to keep the markets moving at this critical time.

“Home sales have shown significant movement upwards in the past six months, and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified homebuyers to purchase in those markets,” McMillan said.

The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.

© 2009 Florida Realtors®

Senate panel OKs extension for home buyers’ credit

WASHINGTON – Oct. 29, 2009 – Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.

Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.

Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.

Please contact me if I can be of assistance with your home search.

Thanks

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

2009-10-01T07:34:00.000-07:00

It is a very quiet time in the Florida Keys but continues to be buyers here looking to purchase a home in Paradise.

September set a record for rain but we didn't have any storms and we are more than half way through hurricane season. In a few weeks we should start to feel a change to less humidity and the rainy season will come to an end.

Fishing continues to be good, just the other day a boat went out just past the reef and came back with 14 (Dolphin) Ma hi Ma hi.

One of the years biggest festivals is set to start towards the end of October-Fantasy Fest in Key West. It will run for about 2 weeks concluding with a great parade on the last Saturday of the month. Its a lot of fun and the people watching is great.

On the real estate side there continues to be plenty of inventory and sellers ready to negotiate a fair price. Interest rates remain low but there are signs they will be going up so if your thinking of buying this could be the right time to make your move.

As always, I'm here to assist you in your home search. just contact me via email or phone and I'll do my beat to assist you to find the right home at the right price.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--877-660-4637
Web Site-- www.RobSkeel.com

Fishing is like purchasing Real Estate

2009-09-01T06:24:00.000-07:00

When you go out fishing you never really know what your going to catch. If you go out unprepared chances are you won't catch anything.

Real Estate buying is very similar. If you don't know what you can afford and you see a great house you really like but can't make the down payment you wasted your time.

Going out to catch tuna, mahi mahi, yellowtail or sailfish takes planning and preparation. If you don't have the right bait or don't know where to fish for a specific species it will take luck to try and land one and chances are you'll come home empty handed.

I'm here to help you, I can point you in the right direction to get you pre qualified for a loan so you know what you can afford. I can show you listings in your price range in the areas you want to live in and I can assist you with landing the deal by negotiated on your behalf.

Timing is good for purchasing your dream home in the Keys. There still is plenty of inventory for you to choose from, very low interest rates and sellers looking for a decent offer.

Its a good time for fishing for Tuna or finding a home which ever you plan to do. Be prepared and take advantage of current opportunities.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com

Home prices increase from 1Q to 2Q

2009-08-27T07:03:00.000-07:00

Thinking about purchasing your Dream Home in the Florida Keys?? The time is right-- low interest rates, low home prices and plenty of homes to choose from!

Index shows home prices increase from 1Q to 2Q

NEW YORK (AP) – Aug. 26, 2009 – Home prices across most of the country have started to rise from the depths of the housing slump, a critical trend that will help stabilize the broader U.S. economy, according to new figures released Tuesday.

Nationally, prices in the second quarter posted their first quarterly increase in three years, according to the widely watched Standard & Poor’s/Case-Shiller’s U.S. National Home Price Index.

While home prices are still 30 percent below the mid-2006 peak, their new direction should bring relief to both lenders and homeowners. Falling property values have wiped out $4 trillion in homeowner equity, and thousands have walked away from homes that are worth far less than their mortgage balance. Lenders have written off billions of dollars in bad loans and to sell foreclosed homes at a fraction of their former cost.

“People are much more inclined to stay where they are and work something out,” if they have equity in their homes, said Sanjiv Das, chief executive of Citigroup’s mortgage unit.

And as consumers feel more confident in the value of their residences, they will feel safer about spending again. Consumer spending makes up about 70 percent of U.S. economic activity. In August, consumer confidence rose to the highest level since the recession began, the New York-based Conference Board said Tuesday.

Case-Shiller’s monthly index of 20 major cities also rose from May to June, with Dallas and Denver clocking their fourth-straight increase. Only Detroit and Las Vegas saw prices fall in June.

There are concerns, however, that the momentum behind home prices will stall at the end of November with the expiration of a federal tax credit for first-time homebuyers. These newbie buyers are snapping up one in every three homes sold.

First-time buyers get a credit of 10 percent of the sales price of a home, up to $8,000. The credit phases out for singles earning more than $75,000 and couples earning more than $150,000. The real estate industry is lobbying to have the credit extended.

“If the tax credit is making a significant impact, then housing will take a big hit when it expires,” said Pat Newport, an economist at IHS Global Insight.

Here’s a look at this month’s Case-Shiller report:

The news: The U.S. National Home Price Index rose 1.4 percent from the first quarter to 133, though was still down almost 15 percent from the second quarter of last year.

Home prices, on a seasonally adjusted basis, are at levels not seen since early 2003.

The monthly index of 20 major cities increased 0.7 percent to 142 from May to June, the second straight month the index didn’t decline. It was still 15.5 percent below June a year ago.

Every metro showed annual declines, with fifteen reporting double-digit drops.

The report: The Case-Shiller indexes measure home price increases and decreases relative to prices in January 2000. The base reading is 100; so a reading of 150 would mean that home prices increased 50 percent since the beginning of the index.

What it shows: The 20-city index is a three-month moving average of repeat sales of a designated group of single-family homes in each city. By measuring the sales price of the same properties over time, the index prevents the data from being skewed by a change in the types of homes sold. Sales between related parties, such as family members, are excluded because they may not reflect true market values.

The Case-Shiller quarterly index is a composite of home price indexes for the nine U.S. census divisions.

What it doesn’t show: The indexes only measure price data in 20 major metropolitan areas in 15 states and the District of Columbia. So, many areas of the country are not represented.

Why it matters: Investors closely watch the Case-Shiller indexes to gauge the level and direction of home prices. The indexes include a broader mix of properties compared to the index created by the Federal Housing Finance Agency. That index excludes many high-end properties, as well as homes bought with riskier mortgages or all cash.

The quote: “For the second month in a row, we’re seeing some positive signs,” said David M. Blitzer, chairman of the S&P index committee, adding, “There are hints of an upward turn from a bottom.”

Copyright © 2009 The Associated Press, J.W. Elphinstone, AP real estate writer. AP real estate writer Alan Zibel in Washington contributed to this report. All rights reserved.

Rob Skeel , Realtor- e-Pro -
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com

Good Economic & real estate news

2009-08-18T07:14:00.000-07:00

The news is beginning to become positive for both the economy and Florida Keys real estate.

The following are two articles that may be of interest to you if your thinking about purchasing your Dream Home in the Florida Keys.

If your ready to start looking or have real estate related questions, please contact me.

Economists pronounce the recession over

The majority of economists surveyed by the Wall Street Journal say the recession is over and Federal Reserve Chair Ben Bernanke deserves another term.

Of the 47 economists the newspaper surveyed, 27 said the recession has ended and 11 predict another trough this month or next. The rest refused to commit. But they were nearly unanimous in saying that Bernanke should be rehired.

“He deserves a lot of credit for stabilizing the financial markets,” says Joseph Carson of AllianceBernstein. “Confidence in recovery would be damaged if he was not reappointed.”

Poll respondents believe Bernanke has more than a 70 percent chance of being asked by President Barack Obama to remain at the helm of the central bank.

Gross domestic product is expected to grow 2.4 percent in the third quarter at a seasonally adjusted annual rate. Economists were also heartened by a better-than-expected jobless report in July.

Source: The Wall Street Journal, Phil Izzo (08/12/2009)

© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Florida’s existing home, condo sales up in 2Q 2009

Related Story

2Q existing-home sales rise in most states, says NAR
ORLANDO, Fla. – Aug. 12, 2009 – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.

“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.

© 2009 FLORIDA ASSOCIATION OF REALTORS

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019
Web Site-- www.RobSkeel.com

Green Certified Real Estate Professional, FHA Certified

Find a Home http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Welcome to the bottom: market rebound

2009-08-04T07:21:00.000-07:00

Here is some good news about the housing market.

WASHINGTON – Aug. 3, 2009 – It was – note the past tense – the worst housing recession anyone but survivors of the Great Depression can remember.From the frenzied peak of the real estate boom in 2005-2006 to the recession’s trough earlier this year, home resales fell 38 percent and sales of new homes tumbled 76 percent. Construction of homes and apartments skidded 79 percent. And for the first time in more than four decades of record keeping, home prices posted consecutive annual declines.A staggering $4 trillion in home equity was wiped out, and millions of Americans lost their homes through foreclosure.

Now take a deep breath and exhale. The worst is over.By every measure, except foreclosures, the housing market has stabilized and many areas are recovering, according to a spate of data released in the past two weeks.

Nationwide, home resales in June are up 9 percent from January, on a seasonally adjusted basis. Sales of new homes have climbed 17 percent during the same period. And construction, while still anemic, has risen almost 20 percent since the beginning of the year.Even home prices, down one third from the top, edged up in May, the first monthly increase since June 2006.“The freefall is over,” says Dean Baker of the Center for Economic and Policy Research.The problem is that, Baker, like many economists, expects the housing market will “be bouncing around the bottom” for the second half of the year.

There are still some potential problems, ie: interest rate may rise, unemployment could continue to increase,

But if your considering a purchase this could be a good time to do it while prices are the lowest in years and mortgage rates are around 5% for a conventional 30 year fixed rate mortgage..

.

First Time Home Buyers Stimulous Tax Credit

2009-07-11T08:06:00.000-07:00

The following is information regarding the First-Time Home Buyers Tax Credit- which is not actually for pure first time home buyers- read below for details.

I hope this helps you understand this program. If you have any questions please contact me.
The tax credit currently only applies if you close on the home your purchasing by November 30, 2009.

Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
Breaking news: Tax Credit Can Be Used on Closing Costs.

Who Qualifies?
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer's income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

Rob Skeel , Realtor- e-Pro - Cell --305-393-6300 Email--mailto:Email--rob@robskeel.com

Century 21 Keysearch Realty--800-541-5019

Web Site-- http://www.robskeel.com/

Florida Keys Real Estate Statistics & Fishing report

2009-06-22T07:58:00.000-07:00

Looking or thinking about buying a home in the Florida Keys? If so, there are indications that the bottom has either been reached or were very close.

Total sales have increase 3%

New listings are down 20%

The months of inventory have shrunk by 17%

The final sales price compared to asking is 83.26%-- which indicates that sellers are still willing to negotiate when they have an offer.

You can get a mortgage at a decent interest rate if you have good credit and the required down payment.

I've seen some bargain listing prices on beautiful canal front homes recently in and around my area, houses that were purchased for a million$$ now listed for under $850,000. There also many closed and pending sales for dry lot homes priced under $350,000.

On a side note the Mahi Mahi are here and great catches are happening daily. I went out a few days ago and caught my limit in about an hour. Yellowtail Snapper are up and down the reef from Key Largo to Key West.

This is also the perfect time to go diving or snorkeling with the seas very calm.

If you need a realtor that will get the job done for you, please contact me.

Rob Skeel -Realtor- e-Pro

Cell --305-393-6300 Email--mailto:Email--rob@robskeel.com

Century 21 Keysearch Realty--800-541-5019

Web Site-- http://www.robskeel.com/

Fed sees hopeful signs but downgrades ‘09 forecast

2009-05-27T07:34:00.000-07:00

The following information may be useful to you if you haven't seen it before.

May 21, 2009 – The Federal Reserve expects the U.S. economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent.Fed Chairman Ben Bernanke and his colleagues continue to believe that business sales and factory production will begin to recover gradually during the second half of this year as President Barack Obama’s stimulus package and the Fed’s aggressive efforts to lift the country out of recession take hold. They also pointed to signs that the recession’s grip was easing in the current quarter, according to documents released Wednesday.

At the Fed’s last meeting on April 28-29, policymakers opted not to take any new steps to shore up the economy after launching a $1.2 trillion effort in March. But some members last month said those plans for buying government debt and mortgage securities may need to be expanded to speed a recovery.“Participants noted some improvement in financial conditions in recent months, signs that consumer spending was leveling out and tentative indications that activity in the housing sector might be nearing its bottom,” the documents said.That’s consistent with observations made earlier this month by Bernanke, who gave his most optimistic prediction about the end of the recession, saying he expected the economy to begin growing again later this year.In fact, the Fed’s staff bumped up its forecast for economic growth for the second half of this year, although a figure wasn’t provided.

Even with those positive signals, the economy’s performance for this year as a whole is expected to be dismal, partly reflecting the 6.1 percent annualized drop in economic activity in the first quarter.Under the Fed’s new projections, the economy will shrink this year between 1.3 and 2 percent. The old forecast said the economy could contract between 0.5 and 1.3 percent.The unemployment rate may rise as high as 9.6 percent, higher than the old forecast of 8.8 percent. The jobless rate bolted to 8.9 percent in April, the highest in a quarter-century.The predictions are based on what the Fed calls its “central tendency,” which excludes the three highest and three lowest forecasts made by Fed officials. The Fed also gives a range of all the forecasts that showed some officials expect the jobless rate to hit 10 percent this year.

To revive the economy, the Fed has cut its key interest rate to a record low near zero and is expected to hold it there well into next year. The Fed also has turned to unconventional tools to lower interest rates and spur spending, which would help bolster economic activity.All members agreed with “waiting to see how the economy and financial conditions respond to the policy actions already in train,” according to separate minutes of the April meeting. However, they held the door open to additional action if needed.

The Fed at its meeting in March launched a bold $1.2 trillion economic-revival effort. It agreed to starting buying up to $300 billion worth of government debt over the next six months and to boost purchases of mortgage securities and debt from Fannie Mae and Freddie Mac.At the April meeting, some Fed policymakers said additional purchases “might well be warranted at some point to spur a more rapid pace of recovery.”The Fed has been battling the worst financial crisis since the 1930s, which has plunged the country into the longest recession since War World II.

With all the shocks to the economy, its recovery will be gradual. That will keep unemployment elevated well into 2011 and it could take time for the economy to get back to a path of full health in the longer term, the Fed documents said. Most Fed policymakers indicated that they expected “the economy to take five or six years” for that to happen, but their estimates for growth over the next few years are more optimistic.

The Fed expects the economy to grow next year between 2 and 3 percent. It should then pick up more speed in 2011, growing between 3.5 and 4.8 percent, according to the “central tendency” projections. The unemployment rate should drop to between 9 and 9.5 percent next year. It should dip to between 7.7 and 8.5 percent in 2011.Private economists consider an unemployment rate around 5 percent to be normal. Some private economists don’t believe that will happen until 2013 and questioned the rosier overall outlook for next year.The Fed projected “very low” inflation for this year, with prices rising only between 0.6 and 0.9 percent. With a gradual recovery expected, prices should only inch up in 2010 and 2011.

On another matter, the Fed policymakers continued to resist calls from lawmakers on Capitol Hill to reveal the identities of banks and other financial institutions that draw emergency loans and participate in other Fed credit programs. Fed policymakers said such disclosure would be viewed “as a sign of financial weakness” and that the “resulting stigma would undermine the effectiveness” of the programs, which are intended to promote financial stability and economic recovery

.Copyright © 2009 The Associated Press, Jeannine Aversa, AP Economics Writer. All rights reserved.

There continues to be some good property deal in the Keys and if you have good credit, loans are available at very low interest rates.. If your a first time home buyer there is the Federal Tax credit of up to $8,000.

On another subject the fishing has been terrific with great Mahi Mahi, Yellow Tail Snapper and Tarpon catches being reported daily. There has also been numerous Sail Fish around and Black Fin Tuna.

Rob Skeel , Realtor
Cell --305-393-6300 Email--rob@robskeel.com
Century 21 Keysearch Realty--800-541-5019

Prospects for Florida’s recovery heat up, economists say

2009-05-06T07:36:00.000-07:00

The weather is beautiful and the "Dolphin" fishing is heating up in the Upper Keys.

Additionally, there is good news for home sellers & buyers, the first quarter home sales figures are in and the number of houses sold compared to a year ago are up. But, the prices have went down so it is still a buyers market. Financing is available from numerous sources including FHA and the first time home buyer program is in place with up to an $8,000 tax credit.

The following is a recent article regarding the economic recovery prediction for Florida that may be of interest to you.

– After two long years of recession, economists are beginning to see signs that the economy’s recovery is finally in sight. South Florida home sales are picking up, Wall Street has staged some solid rallies and even consumer confidence is rising.But the road to recovery will be uneven. Economists say that an uptick in business spending will lead the way, followed by federal government stimulus projects that will create some jobs. Consumers, unfortunately, are likely to be the last to see good times return, because widespread unemployment – which is now just a notch below 10 percent – won’t start to go down until after the recovery is well under way.It has been rough, but economists say it’s always that way for Florida.“It performs better in good times, but during bad times, in recessions, it is one of the worst performing states in the nation,” said Moody’s Economy.com economist Chris Lafakis. “And during times of expansion it is one of the best.”Some experts say they already see the early signs of such progress.“The negative numbers just start getting smaller or they stop falling or they fall at a slower rate,” said SunTrust Chief Economist Gregory Miller. It’s like you tumbled out of a boat a while ago and “now we’re at the stage of swimming back to the surface.”Other economists agree that the worst may be over as soon as this summer. Consumers surely have had enough, judging by the strong jump in Floridians’ consumer confidence this month.

Here’s how economists say the state will find its way out of the slump:Business-led recovery Economists say the recovery will begin with an increase in business capital spending, as companies rebuild inventories or upgrade technology or send business travelers back out on the road.At some South Florida companies, capital spending already has increased and begun to pay off. Last year, Stress Free Corporate Housing, which provides temporary living arrangements for executives, says the audio-visual equipment it installed in its new Weston office is helping to bring in new business.The firm wanted to hold employee conferences and save on travel expenses. But it also began using the equipment for Webinars – seminars via the Internet – for its clients.President and Chief Executive Officer Darin Karp said his firm is about to sign a deal with a Fortune 500 company to provide temporary housing for executives from Asia and the Middle East who need to come to Florida for training.“We’re definitely seeing glimmers of hope off the first quarter and the beginning of this quarter,” Karp said. “We have some big stuff on our plate, and it’s attributed to doing the Webinars.

”Stimulus spending" An increase in government spending is expected in the fourth quarter, as states and cities pump out the $787 billion in federal stimulus money to build roads and other projects. That influx of cash will lead to more jobs, at least in construction.Even though the stimulus law was enacted in February, government is still crafting detailed plans and regulations for the federal package, so it’s unclear precisely how many millions will be earmarked for Florida.“We will begin to see some impact of the stimulus legislation in the last quarter of this year,” said economist Antonio Villamil, dean of the School of Business at St. Thomas University.

Confidence rises Consumer confidence – a measure of how willing people are to spend on big-ticket items – is already rising. The University of Florida consumer confidence survey issued earlier this week showed the index jumped to 71 in April, up from 65 in March, which is close to the low reached during the last recession in 1991.The importance of the jump is that consumer confidence is a forward-looking economic indicator, one that is often a sign that consumer spending will rise, too.

Employment to lag- Employment rates aren’t expected to rise until recovery of other sectors is under way. Only after growth returns in the overall economy will businesses be comfortable enough to begin to create jobs again. Employment is key to consumers’ recovery. Don’t look for consumer spending to increase until after employment stabilizes, economists say.“Every business cycle is unique, but they get going in fits and starts,” said economist Manuel Lasaga, president of Strategic Information Analysis in Miami.

“This [recovery] will be weaker than normal.” Strong growth, he said, won’t appear until 2010.And some sectors seem to be hurt so badly, their recovery is not at hand. Surely, housing remains deeply troubled. Manufacturing, too, is waiting for signs of recovery.“We’re not seeing that [any increase in demand] yet frankly,” said Tom Kennedy, a CPA who is chairman of the South Florida Manufacturers Association. Kennedy is controller of R.L. Schreiber in Pompano Beach, which produces food products for the food service industry. The credit crunch, he said, is making the business environment even more difficult.When will it end? The economy should begin to pull out of recession around the end of summer, according to several economists. At the latest, look for it early next year, others say.“We are in the fourth phase of the recession,” said SunTrust’s Miller. That’s the pre-recovery phase, he said. Next is the turnaround.It’s a little early yet, and the signs are still faint.“You really have to look long and hard to find any signs of strength in the economy,” said Mark Vitner, Wachovia’s senior economist. “But it’s not so hard to find areas where the economy had been in a free fall and now is just merely declining.”For those businesses looking forward to the turnaround, they’ve set their sights on year’s end.“People are getting new budgets for purchasing at the end of the third quarter, the fourth quarter. A lot of lights are coming on,” said Joel Ledlow, chief executive officer of ScheduAll, a Hollywood firm that produces management software systems for broadcasters and media. “People are saying they have cut about as much as they can cut. Now they’re ready for some very strategic investments.”Copyright © 2009 Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.

Housing may have hit bottom in February

2009-04-13T09:24:00.000-07:00

Some interesting positive real estate news that I thought I would share. If your thinking of buying your home in the Florida Keys, now may be the time to do it. Please let me know what some of your specifics are and the area your interested in and I'll work to find the right property for you.

Housing may have hit bottom in February

CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. “An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February,” says Swonk. “Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap.”“The housing market is still a long way from healthy: home sales are still down substantially from the lows they hit during the turbulence of the fourth quarter; pending sales were at such low levels, there was really nowhere to go but up; and more than 70 percent of the mortgage applications we saw in March were refinances instead of purchases,” notes Swonk.Swonk says a number of housing market shifts suggest a turnaround has started, including: • Starts of single-family home sales, in particular, are already close to zero and cannot fall much further. Multi-family starts are also exceedingly low and off more than 50 percent from their 2005 high. On net, overall starts are expected to decline again in the second quarter and then begin a gradual rebound in the second half of the year.

Regional differences: The West and the South are expected to remain the weakest markets when it comes to construction activity, since they still suffer from the greatest overhang of vacant new properties.

• Home sales are expected to bottom sooner than starts, which may have also hit their turning point in February, although a safer bet is probably May. Swonk says that’s not surprising given the fact that it’s easier to get a mortgage to buy a home than to get funding to build a housing development.Regional differences: The hardest hit areas in the West, which includes California and Nevada, are expected to post the strongest gains, as they currently offer buyers the best deals from short sales and foreclosures. The Midwest is expected to perform close to the national average, while the South and the Northeast remain laggards.• Prices. Home values plummeted as the economy slipped deeper into recession and credit markets seized last fall. By January, most indices were showing double-digit declines from a year ago. The best bet is that prices will end the year lower than during the bulk of 2008, but will come up slightly from the lows of the first quarter.

Regional differences: The Northeast is expected to experience the greatest downward pressure on prices, as it was late into the correction. Declines in New York could be particularly large as the number of foreclosures balloons. The downward pressure on prices in the South, particularly in Florida, is also expected to remain fairly intense, given the overhang of vacant homes.

“Housing is expected to swing from a drag to a push on overall GDP growth in 2009, for the first time in four years,” says Swonk. “That shift, coupled with tax incentives to lower the carbon footprint of individual homes, is expected to provide a boost to spending on everything from furniture and appliances to building materials. Any gains that we do see in housing and housing-related activity, however, will pale when compared against previous recoveries.”© 2009 FLORIDA ASSOCIATION OF REALTORS®

Rob Skeel , Realtor

Cell --305-393-6300

Email--mailto:Email--rob@robskeel.com

Century 21 Keysearch Realty--800-541-5019

Web Site-- http://www.robskeel.com/

Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

I really appreciate your referrals!

Six reasons why it’s still a good time to buy

2009-04-06T09:23:00.000-07:00

If your on the fence thinking about buying a home or not, here is some food for thought.

NEW YORK – March 31, 2009 – The housing market is looking healthier. Here are six reasons why now is the time to jump into the market.

1. Uncle Sam is willing to help. First-time buyers (defined as anyone who hasn’t owned a home in the last three years) are entitled to a maximum $8,000 tax credit; interest rates are at record lows; and the Federal Reserve is doing its best to make mortgage loans available.

2. People have to live somewhere. About 800,000 new households are formed each year in this country, ensuring that the housing market will tighten, even if the economy doesn’t soar.

3. Borrowers leverage their investment. If you put $10,000 into the stock market and it earns 10 percent, you’ve earned $1,000. If you put $10,000 down on a home and its values increases 10 percent, you’ve made $10,000.

4. When prices come back up, you’ll have instant equity. In parts of the country where foreclosures have driven down prices, better times will mean the price of the home you buy will rise rapidly.

5. Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same – while everything else, including rent, goes upward.

6. You own it. There is something comforting in the notion that your home is your own. You can paint it any color you want, let the dog run in the back yard and hang a swing for the kids in the front. The Wall Street Journal, June Fletcher (03/27/2009)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Rob Skeel , Realtor Cell --305-393-6300 Email--rob@robskeel.com

Century 21 Keysearch Realty--800-541-5019

Web Site-- http://www.robskeel.com/

Green Certified Real Estate Professional, FHA Certified
Find a Home http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

I really appreciate your referrals!

Florida Home Sales Continue to Improve-- Stock Market Irrational Pessimisim

2009-03-25T08:39:00.000-07:00

The following are some interesting home sale statistics and comments about the stock market.
If your planning to buy a home in the Keys with the idea of keeping it for a while then this is a great time to buy.

HOME SALES

Florida's existing home sales rose 20 percent in February - the sixth consecutive month that sales activity showed increases in the year-to-year comparison, according to FAR. Statewide sales of existing condos increased 15 percent last month compared to the previous year; and February's statewide sales also were higher than January's figures in both the existing home and existing condo markets.

The Florida Keys real estate sales have also seen an increase over prior year. The low interest rates and reduced home prices have made this a great time to purchase a piece of paradise.

There are many great deals to be had. Just let me know what type of property your looking for and I'll find it for you!

Markets face ‘irrational pessimism’ NEW YORK – March 9, 2009 –

You’ve heard of “irrational exuberance,” right? That’s the expression Alan Greenspan coined more than a decade ago when he warned that investors could be bidding stock prices too high. His worry was that escalating asset values were trumping reality.These days, the opposite seems to be the case. Call it “irrational pessimism,” a fear that stock prices are headed in only one direction – lower and lower – because asset values and profits seem certain to fall.

Caught in the vortex of this new hopelessness are once-pristine blue chip stocks like General Electric Co., whose share price has plunged 45 percent in the last month to below $7 a share. Investors have become increasingly worried that losses at its financing arm could put a crippling dent in the conglomerate’s capital base.But before buying into the notion that all is lost, it’s worth remembering that stock indexes today are almost exactly where they were in 1996 when then-Federal Reserve Chairman Greenspan issued his warning.Investors ignored him then, pushing stocks higher for more than three years until the Internet stock bubble burst in 2000. Now, a growing number of market experts are saying the time may be near when the Cassandras of doom should also be ignored.“You can get to emotional extremes in both directions of the market,” said Hugh Johnson, chairman and chief investment officer of Johnson Illington Advisors. “Savvy investors think in those terms and they know how to get that to work in their favor.”By that, he points to the short-sellers who are playing a big role in what the market is doing today. They make money betting stocks will drop, and have set the tone in this current decline, which began after the market reached record highs in October 2007.Peter Sorrentino, senior portfolio manager at Huntington Asset Advisors, takes that one step farther. “The shorts are staging raids on our companies,” he said. “For the last two years, the best bet you could make on the market was against it.”Sorrentino knows that because his firm owns 6.4 million shares of GE, and he can’t understand why the stock is trading where it is given that parts of the Fairfield, Connecticut-based company by his count are worth a lot more than where its shares are trading now.He’s convinced the shorts have made it tough for anyone in the market – at GE and beyond – to think positively because they could get burned. Therefore, investors have decided it is easier to follow than fight them, even if a company’s finances say something else.

The negative environment in the overall market is driving away prospective buyers, said Darin Newsom, senior analyst at the Omaha, Nebraska-based market information company DTN. “Right now no one wants to support this market,” he said.That may be driven by fear instead of reason.

Rob Skeel , Realtor
Cell --305-393-6300

Email--rob@robskeel.com

Century 21 Keysearch Realty--800-541-5019

Web Site-- http://www.robskeel.com/

4th Quarter & January 2009 Florida Home Sales Information

2009-03-02T08:23:00.000-08:00

HOME SALES

Sales of existing single-family homes in Florida rose 13 percent in fourth quarter 2008 compared to the same period a year earlier, with a total of 30,163 homes sold, according to FAR's latest housing statistics. It marks the second consecutive quarter for increased existing home sales; sales activity rose 5 percent in 3Q 2008 compared to the same period the previous year. Existing condo sales increased 3 percent in the fourth quarter compared to 4Q 2007.

Florida’s existing home, condo sales rise in January 2009

Florida’s existing home sales rose in January, making it the fifth month in a row that sales activity showed increases in the year-to-year comparison. Existing home sales rose 24 percent last month with a total of 8,450 homes sold statewide compared to 6,810 homes sold in January 2008, according to FAR.
@ Florida Association of Realtors Posted: 02/26/09 at 0400 EST

The Keys haven't shown the same percentage increases but that is primarily because there aren't as many foreclosuers and short sales as the rest of the state. We have seen a trend beginning last October of average closed sales prices stabilizing and not falling as had been the case for the past 2 years.

Rob Skeel
Realtor
Century 21 Keysearch Realty
Green Certified Real Estate Professional
FHA Certified
305-393-6300
800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

I really appreciate your referrals!

Can you still buy without a fixed mortgage?

2009-02-13T09:27:00.000-08:00

Here are a few ideas regarding different mortgage methods you may want to consider when your thinking of buying a home.

Can you still buy without a fixed mortgage?

ORLANDO, Fla. – Feb. 9, 2009 – Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage. More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan.Here are some creative ways to pay for a home, according to some financial experts:• Securities-backed loans. The lender gives the borrower 80 percent of the value of his stock portfolio. Then the lender holds the stock for between three and 10 years while charging a 3 percent to 5 percent interest on the loan. At the end, the borrower gets his original shares back. Both win if the stock has increased in value.•

Two-step mortgages. This fixed rate mortgage is amortized over 40 years, but the payment schedule is adjustable.•

Constant-amortization mortgage. Buyers start with a higher payment, but the loan is constantly re-amortized, so principal is reduced faster than with a conventional loan.•

Family loans. In the most successful arrangements, the family puts the agreement in writing and the lender charges the borrower a rate of interest high enough to pass IRS scrutiny, thus avoiding any gift tax.•

Assuming a mortgage. Buyers interested in purchasing a house in the pre-foreclosure stage might ask the lender if they can assume the mortgage. In some circumstances this can be a good deal

.Source: Forbes, Matt Woolsey (01/26/09)© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

Questions, comments or suggestions on this article?

Home Prices may be Stabilizing

2009-02-06T12:41:00.000-08:00

I'm beginning to see more articles like the following indicating the end of housing price declines is near.

In the Keys there has been a stabilizing of sales prices and an increase in the number of pending sales.

US housing markets from Florida to California have suffered price drops of 50 percent or more from their peak, but now, at long last, a bottom is within sight, likely in the fourth quarter nationally. sales are probably at bottom, stabilized by foreclosure sales, while construction will hit bottom in the first half of this year, although the pace of housing starts will remain very depressed until 2011. From the peak to the trough, total single-family home sales will have declined by 40 percent and housing starts by 70 percent.
@ CNBC Posted: 02/05/09 at 0201 EST

On a side note its been very cold here the past few days but nothing compared to the midwest and northeast parts of the country. The cold weather hasn't hurt the fishing particularly the sail fish which are reported to being boated on a record pace.

The National Association of Realtors has offerd an amendment to the Stimulus Package working its way through Congress to lower interest rate to 4.5% or less and have the first time home buyer credit changed to apply to all sales of primary residences. If these provisions are included it should help you purchase your Florida Keys Dream house.

Is now the time to buy a house in Florida?

2009-01-13T07:19:00.000-08:00

Is now the time to buy a house in Florida?

The answer to that question is hardly simple, given the prolonged housing slump and the nationwide recession. It also depends on a complex mix of personal issues and factors, including, of course, “The Fear Factor.”If you own a home and need to sell it before you can afford to buy a better one, you might find that difficult for another year or so – maybe longer – because of the glut of properties still on the market and the state of the U.S. economy.

But if you are a first-time buyer, the situation is different. Do you have enough cash for a down payment – at least 3.5 percent for a Federal Housing Administration loan, as much as 20 percent for a conventional bank loan – plus closing costs? And is your job or career relatively stable?If the answers are yes and yes, then you have options. Still, is this the right time to take the plunge?“Now is a much better time than a year and a half ago,” said Chris Toadvine, a certified financial planner in Orlando and president of the Financial Planning Association of Central Florida. “I think home prices may fall a bit further, but if I were a buyer, I would not be trying to time a bottom.”From a dollars-and-cents perspective, it’s certainly a buyer’s market.

Asking prices for Orlando-area homes have not been so low at any time in the past four or five years, and the number of properties on the market is still at or near record levels.“There’s a substantial amount of inventory still to be sold,” said Hank Fishkind, a private economist who analyzes the Florida and Central Florida real-estate markets for Attorney’s Title Insurance Fund and other industry groups and companies.Foreclosures will continue adding to the volume of homes for sale and keep downward pressure on prices throughout the year, Fishkind predicts, though he notes that the rate of increase in the number of foreclosures is now slowing.The median sales price for existing homes in Central Florida has fallen about 30 percent in the past year, to well below $200,000. Prices are now back to levels last seen in the spring of 2004. New-home prices in the Orlando area have dropped about 20 percent from their 2006 peak, according to some industry surveys, to just more than $300,000, and are still heading down.Others’ pessimism can pay off. As a result, homes are much more affordable now than they were only a year ago. For example, a first-time homebuyer with the median household income of $34,947 in January 2008 had only 75 percent of the income needed to afford the median-priced existing home, which cost $188,275 at the time. But as of two months ago, a first-time buyer making the median of $35,334 had 96 percent of the income needed to afford that median-priced starter home, which by November cost $141,971.Denise Kovach, a certified financial planner with Certified Financial Group Inc. in Altamonte Springs, said that, for first-time homebuyers who do not have to sell an existing house, this is a decent time to consider making a move. “As with the stock market, usually the best time to buy is when everyone is feeling most pessimistic,” she said.Those first-time buyers can take advantage of a relatively new federal tax credit for primary residences purchased by July 1, 2009. The credit reduces your income tax dollar for dollar as much as $7,500, with the size of your credit depending on your home’s purchase price. It’s actually more like an interest-free loan from the government, because the IRS “recaptures” the credit during the next 15 years, or when the home is sold.Most homebuyers during the early years of a mortgage also “itemize” on their federal tax return to take advantage of the deductions they can take for property taxes and home-loan interest. But even those who claim just the standard deduction can use another new tax break to deduct at least part of their property taxes: $1,000 for joint filers, $500 for singles.

Price plunge near bottom, experts say. For potential buyers who have everything they need lined up and are ready to sign on the dotted line – but are holding off for fear the house they buy will keep losing value in the coming year – industry professionals can’t offer any guarantees. But they generally agree that most, if not all, of the historic plunge in values has likely run its course.In coming years, they expect a slow but steady increase in property values, at or slightly above the rate of consumer inflation, without dramatic leaps fueled by lax lending practices and easy money. Those days are long gone.Credit standards are higher now than they were just a couple of years ago, and full documentation of income and good credit scores are required of those seeking the best home-loan deals.“I think that, if someone buys a home today and locks in a low-rate, long-term mortgage, they will be glad they did 10 years from now,” Toadvine said.

Copyright © 2009 The Orlando Sentinel, Fla., Jerry W. Jackson. Distributed by McClatchy-Tribune Information Services.

There are people buying the home of their dreams. I just sold a great ocean front home in the Keys. I'm working with a number of buyers that are seeking their own dream house and I can help you find yours too!

Rob Skeel
Realtor
Century 21 Keysearch Realty

Green Certified Real Estate Professional
FHA Certified

305-393-6300
800-541-5019
http://www.robskeel.com/
http://robskeel.com/homes_for_sale.shtml

Aid and assistance for financially troubled homeowners

2008-11-12T11:17:00.000-08:00

We've been hearing for weeks that help is on the way for homeowners with problem mortgages. If your in that situation or know someone that is, hopefully this information will be helpful.

Florida CFO Sink launches ‘Florida Housing Help’ web site TALLAHASSEE, Fla. –
Nov. 10, 2008 –

To provide immediate assistance to Florida homeowners searching for federal housing assistance, Chief Financial Officer Alex Sink and her Financial Action Team (FACT Team) announced the launch of “Florida Housing Help,” a new Web feature at www.MyFloridaCFO.com. “Florida Housing Help” offers resources for homeowners, veterans, local governments and taxpayers who could potentially benefit from the recently-passed Housing and Economic Recovery Act of 2008 (HERA). “From veterans to new homeowners, millions of Floridians stand to benefit from the federal HERA legislation designed help Americans weather the current housing crisis,” says Sink, who oversees the Florida Department of Financial Services. “We launched ‘Florida Housing Help’ to help Floridians better understand the federal resources available to them. Ultimately, we hope this initiative will bring more federal dollars to our state.” HERA legislation became law in July 2008. CFO Sink created her FACT Team, made up of stakeholders and financial and housing experts, to identify the funds available to Floridians and help homeowners take advantage of these resources. Sink says that “Florida Housing Help” will be updated on an ongoing basis as additional information becomes available. For further assistance, Floridians may also contact CFO Sink’s Consumer Helpline at (877) 693-5236. ©

2008 FLORIDA ASSOCIATION OF REALTORS®

Government launches sweeping new loan aid effort

The government and the mortgage industry are launching the most sweeping effort yet to help troubled homeowners by speeding up the process for renegotiating hundreds of thousands of delinquent loans held by Fannie Mae and Freddie Mac.The Federal Housing Finance Agency, which seized control of the two mortgage finance companies in September, announced the plan along with other government and industry officials, including Hope Now, an alliance of mortgage companies organized by the Bush administration last year.“Foreclosures hurt families, their neighbors, whole communities and the overall housing market,” said James Lockhart, the housing finance agency’s director. “We need to stop this downward spiral.”The plan could have tremendous importance because Fannie Mae and Freddie Mac own or guarantee nearly 31 million U.S. mortgages, or nearly six of every 10 outstanding. Still, government officials did not have an estimate of how many people would qualify for the new program.Officials hope the new approach, which goes into effect Dec. 15., will become a model for loan servicing companies, which collect mortgage payments and distribute them to investors.

To qualify, borrowers would have to be at least three months behind on their home loans, and would need to owe 90 percent or more than the home is currently worth. Investors who do not occupy their homes would be excluded, as would borrowers who have filed for bankruptcy. Borrowers would get help in several ways: The interest rate would be reduced so that borrowers would not pay more than 38 percent of their income on housing expenses. Another option is for loans to be extended from 30 years to 40 years, and for some of the principal amount to be deferred interest-free.

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

Florida Keys Real Estate--This is a good time to buy!

2008-10-17T08:41:00.000-07:00

Keys Real Estate - now is the time to buy!

The past few weeks have been very emotional for people in the stock market.

I have a question for you---which is the best investment....stock market or Keys Real Estate??

Stock Market: 39.4% drop in 10 days.

Keys Real Estate: 27% drop over 24 months.

With real estate you are still able to enjoy your property, have pride of ownership or possibly rent it to cover some of your expenses.

It appears that we have reached the bottom of the real estate market in the Keys!
During our slowest months August & September we have now seen a trend where the number of home sales per month have increased and the average sales price have went up.

Additionally the government rescue plan will take foreclosure and short sales property off the market.

So if you have been waiting for the right time to buy it is now! Cash is king, so if you've taken money out of the market you can buy your Keys dream property at a reduced price compared to a few years ago. If you wait too long, the sellers will see the market has bottomed and will start increasing their asking prices or become less flexible with their negotiating positions.

If you want a mortgage and have good credit there are a number of mortgage companies including Century Funding that can assist you.

I am available to help you find the property your looking for, just give me a call or send me an email and I'll do everything I can to locate the perfect property for you.

Rob Skeel
Realtor
Century 21 Prestige Realty
305-393-6300
800-541-5019

rob@robskeel.com

http://www.robskeel.com

Something for Buyers & Sellers

2008-09-30T10:46:00.000-07:00

Autumn is a great time to buy

Great Time to Buy FloridaORLANDO, Fla. – Sept. 10, 2008 – This fall could be a particularly great time for first-time buyers or those who have been out of the market for at least three years to jump in, say a variety of real estate professionals.

Here are the reasons why:

• Property prices are probably as low as they are going to go as the market stabilizes, thanks to the government takeover of Freddie Mac and Fannie Mae.

• Interest rates are likely to decline as Freddie and Fannie get government help.

• The Federal Housing Administration recently boosted its loan limits to $729,750 in expensive areas. It’s going to take some of that back on Jan. 1, 2009, when the loan limit shrinks to $625,500.

• The FHA allows down payments of as little as 3 percent, but that will rise to 3.5 percent as of Oct. 1. People scraping dollars together for a down payment should try to set their closing for the end of this month.

• The federal tax credit recently approved will shave $7,500 off a first-time buyer’s federal tax bill due April 15. Buyers who don’t owe tax will get the money as a refund. The government’s definition of a first-time buyer is anyone who hasn’t owned a home in the last three years.

Source: The Washington Post, Elizabeth Razzi (09/07/08)© Copyright 2008 INFORMATION, INC. Bethesda

SET THE STAGE FOR A SALE

Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home. Here are some staging suggestions from Deborah Ehrlich-Layne of Tampa, Fla.-based Staging Plus, Handyman Matters, and HGTV's show, "The Stagers."

• Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.•

Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.

• Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.

• Make sure things work. Dripping faucets, burned-out light bulbs and squeaking hinges detract from the home's appeal.

• Think "white-glove clean." Mop, dust, vacuum, clean baseboards and wash windows. Make sure the house looks fresh and smells neutral.

• Make sure the front door is clean and the hardware polished. Power-wash walkways.

• Store furniture that makes rooms feel crowded.

• Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs

.Source: The Dallas Morning News (09/05/2008)© Copyright 2008 INFORMATION, INC. Bethesda

Please contact me if your thinking of buying or selling. I'm here to assist you with your Real Estate needs

Rob Skeel

Realtor

Century 21 Prestige Realty Group

305-393-6300800-541-5019

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

Is now the right time for you to buy your dream home in the Keys?

2008-08-16T07:25:00.001-07:00

It is difficult with the current Real Estate market to know when to buy the home of your dreams in the Keys. Hopefully the following information will assist you with your decision making process.
If you need assistance or someone to bounce your real estate questions off, please feel free to call or email me.

INTEREST RATES

For a second straight meeting, the Federal Reserve has decided to remain on the sidelines and leave interest rates unchanged. In the opinion of many economists, that stance may prevail not only for the rest of this year but well into 2009.

HOME SALES

Florida Realtors continued to report positive signs for the state's housing sector in the second quarter of 2008. Sales of both existing single-family homes and existing condos improved in the second quarter compared to first quarter 2008, according to FAR's latest housing data. A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008. Nationwide, existing home sales rose from the first quarter in 13 states, according to NAR's latest survey.

Rob Skeel
Realtor
Century 21 Prestige Realty Group

305-393-6300
800-541-5019
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

I really appreciate your referrals!

2008-08-16T07:21:00.000-07:00

HOME SALES

Florida Realtors continued to report positive signs for the state's housing sector in the second quarter of 2008. Sales of both existing single-family homes and existing condos improved in the second quarter compared to first quarter 2008, according to FAR's latest housing data. A total of 35,178 existing homes sold statewide in 2Q 2008, up 38.2 percent over 1Q 2008. Nationwide, existing home sales rose from the first quarter in 13 states, according to NAR's latest survey.

INTEREST RATES

For a second straight meeting, the Federal Reserve has decided to remain on the sidelines and leave interest rates unchanged. In the opinion of many economists, that stance may prevail not only for the rest of this year but well into 2009.

Thinking of selling your home?

2008-07-15T07:41:00.000-07:00

When your thinking of putting your home on the market consider the following before you ink the contract.

HOMESELLER SAVVY

A recent home seller, Lucie Amundsen, had to sell her house when her husband was transferred to Duluth, Minn. She learned a few lessons about selling a home in a tough market and says she'd pass the following advice on to anyone else facing the same challenge:•

Make the commitment to sell. "This market eats wishy-washy sellers alive. Sellers should be prepared to let go."

Be prepared for the long haul. "Because I adore my house, I just assumed other people would, too.

Respond to the market. "Long before the 40th showing, we should have dropped the price or taken the property off the market.

"Source: Star-Tribune, Lucie B. Amundsen (06/28/2008)© Copyright 2008 INFORMATION, INC. Bethesda, MD (301) 215-4688

I can assist you selling your home. I'll provide a market analysis and provide you guidance which will help you sell your home in a difficult market.

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

Real Estate Information

2008-06-25T10:54:00.000-07:00

The real estate market continues to decline according to some sources while others state the worst is behind us and we will see improvement by year end.

Who do you believe? If your buying for the future and plan to be using your home for a number of years, then the time to buy is now while the interest rates are still low. Rates have went up a half point in the last two weeks and signs are that they will move up some more. Another thing to consider is the current rate relief the government has in place may expire at year end.

Its difficult to sort out but if your planning to buy property in Paradise you should do it while inventory is high and interest rates are low.

Many realtors are telling sellers, if you don't need to sell you may want to take your property off the market. If they do it will reduce inventory and there won't be as many properties to choose from and prices should start to creep up.

I'm here to help you. So, if you want to discuss your situation or get assistance in finding the right property for you, please contact me.

Below are a couple of articles which provide information you may find helpful.

FLORIDA CONSUMER CONFIDENCE

Higher gas and food prices, continued declines in housing prices and last month's large increase in unemployment caused Florida's consumer confidence to fall six points in June to 57. The UF survey notes, however, that housing prices seem to have hit bottom in some areas of the state.

HOUSING AID

The federal mortgage rescue plan could pass the Senate as soon as today; however, President Bush is threatening a veto and Democrats are fighting each other over key details, which will probably delay any final deal until mid-July.

Articles from Florida Association of Realtors

Rob Skeel

Realtor

Century 21 Prestige Realty Group

305-393-6300800-541-5019

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

NEW RULES FOR HOMEBUYERS

2008-06-12T12:36:00.000-07:00

1. Gaming the market doesn't work. There's a chance that the home you buy today will be worth less next year. So instead of trying to time the market, drive a hard bargain for a home you really love.

2. Real winners get the lowest mortgage rate. Financing is getting more expensive. Celia Chen of Moody's Economy.com predicts rates will hit 7 percent in mid 2009.

3. Jumbos are a big bargain. A new law temporarily allows Freddie Mac and Fannie Mae to buy mortgages as big as $729,750, which is keeping the jumbo rates down. The deal disappears at year-end

This is the time to buy in the Florida Keys. There are plenty of homes to choose from and the mortgage rates are still low.

Please let me know what your looking for and I will do my best to find the property for you.

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

I really appreciate your referals!

Keys Information

2008-06-03T11:37:00.000-07:00

This is the time of year in the Florida Keys to think about Mahi Mahi fishing. The reports say fishing is excellent for these delicious fish and there have been some really big ones caught. A young lady landed a 70+ pound fish a week ago and others in the 50 to 60 pound range have been seen hanging from racks on the local docks. If you don't want to spend gas dollars trolling for Mahi Mahi you can go out to one of the reefs and bring in Yellowtail Snapper and Grouper.

If fishing isn't your thing then give diving or snorkeling a try.

There is so much to do in the Keys and almost every day brings with it beautiful weather. You'll be glad you bought in Paradise.

HOME SALES

Florida Realtors reported an upswing in existing home and condo sales from March to April 2008, according to FAR's latest housing statistics. A total of 11,200 existing single-family homes sold statewide in April, a 20 percent increase over March sales activity, while statewide existing condo sales rose 21.6 percent over the same time period.

THAR' SHE BLOWS. OR NOT.

Government forecasters officially predict six to nine hurricanes in 2008, with up to five becoming major storms. However, forecasters say the chances for an above-average season are about 65 percent; the chances for a normal season about 25 percent; and the chances for a slow season about 10 percent, making the outlook sound almost like a guess. Coupled with two recent years of above-average forecasts and below-average storms, Floridians may be getting confused. Two major points must be made, however: One, it doesn't matter if there is only one major storm in 2008 should that one major storm hit your home. Two, less-than-accurate forecasts could make Floridians apathetic about hurricane preparations and forget that they live on a peninsula that sticks out into the ocean like a giant hurricane "Kick Me" sign. Every state homeowner should prepare for the worst even as they hope for the best. For more information, visit floridarealtor.org's "Hurricane Information and Resources" page at: http://www.floridarealtors.org/NewsAndEvents/Before-disaster-strikes.cfm.

When you begin thinking of buying or selling property in the Upper Keys, please give me an opportunity to work with you on your Real Estate needs. I'll get the job done hassle free.

Thanks

Rob Skeel

Realtor

Century 21 Prestige Realty Group

305-393-6300 800-541-5019

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

Ten Helpful Hints for Sellers--From your Florida Keys Connection

2008-05-09T11:44:00.000-07:00

Selling your house in a difficult market can be stressful, here are some ways that can help you sell your. But, remember, if you don't have it priced properly you can do all the following and more and your property may still sit as more competitvely priced houses sell.

Homes that do attract interest are priced right and show well. The grass is cut and the shrubs are manicured, rooms are free of clutter and ratty carpeting has been replaced with a neutral-color berber.

Fair warning: most of these are budget-friendly ideas, but some changes do require a little extra cash.

1. Curb appeal This is arguably the most important part of preparing your home for sale because it’s the buyer’s first impression. Your home doesn’t necessarily have to be repainted, but it should look fresh, with no cracked paint. Consider pressure-cleaning sidewalks, resealing the driveway and replacing the mailbox. Get rid of any debris, weeds and toys in the yard. Sprinkle mulch around the trees and trim the hedges so that they’re not hiding windows. Plant colorful flowers no more than 6 inches high.“Red, purple, orange. “Those colors create excitement in a buyer.

2. Kitchens and bathroomsKitchens are the No. 1 seller of homes, with bathrooms a close second. Consider replacing the kitchen counter tops if they’re old and bland. Everybody loves granite, but laminate, black Formica or four-inch tiles with grout aren’t bad alternatives and cost less. Granite 12-by-12 tiles with thin grout is another possibility, but you may have to do a lot of cutting, depending on the depth of the counter top.Here’s a good rule of thumb: If the house is listed at $500,000 or above, you probably need to spring for granite. To spruce up the bathrooms, replace the fixtures and the sliding shower door. Hang some fluffy white towels. Above all, the bathrooms must be spotless.

3. Doors The front door, if possible, should have glass side panels to allow light to shine through. Replacing the hardware with, say, antique bronze is a cost-effective way to make the door look new. Don’t forget to make sure the doorbell works. Doors inside the house should be painted and the hardware should be the same on each one. Fix any annoying squeaks. Older homes have sliding-glass doors, but there’s not much you can do with those except replace them. French doors will add value, but they’re expensive.

4. Flooring Wood is good, but make sure it’s sanded and restained. Laminate flooring also is fine, but it should be a neutral color. Shampoo the carpet so it’s free of stains and pet smells. You don’t need to buy new carpeting because the homebuyer will want to select it. But if the rug is really bad, get berber from one of the home improvement stores and install it yourself.

5. Lighting Upgrading the lighting is an inexpensive way to improve the look and mood of a house. Replace the fixtures, install dimmers and use soft-wattage light bulbs. Buy a chandelier, but nothing too ornate. Also, keep the outside lights on at night because prospective home buyers often drive through neighborhoods after dark.

6. Living room and closets A cluttered house quickly turns off buyers, so lose the knick-knacks. Make the house appear open and inviting. Pack up one-third of a closet’s contents and store the junk somewhere off site. A crowded closet tells buyers the house doesn’t have adequate storage.

7. Garage Garage organization is big business these days and the before/after photos offer dramatic contrasts. Local companies will come in and get rid of the junk, using bins, cabinets, lockers, hooks and hangers to more neatly store what’s left. The cost of organizing your garage can range from a few hundred dollars to more than $15,000. You could do much of the work yourself. For instance, if the garage floor is stained, paint it gray.

8. Patio Again, less is more. Make sure the junk is gone and that the furniture looks new. Set up the grill. Create a scene that allows potential buyers to see themselves relaxing outside and enjoying the backyard.

9. Ceilings Adding crown molding and removing popcorn ceilings are nice touches but not necessary. If you do try it, hire a professional. In most cases, however, your money would probably be better spent elsewhere.

10. Pool/spa/sprinkler system The pool and spa should have enough water. If there are leaks, or if the equipment is broken, get busy. Don’t forget about the sprinkler system. Granted, sellers don’t want to invest hundreds or thousands of dollars in fixing these items, but it will greatly improve their chances with buyers.© 2008 South Florida Sun-Sentinel, Paul Owers.

I hope one or two of these ideas help you sell your house.

If you haven't listed your property yet, please give me a call. I sell properties in Key Largo, Tavernier, Islamorada and down the Keys to Marathon. I will work closely with you to get the job done!

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

Good information whether your Buying or Selling

2008-04-24T06:45:00.000-07:00

This is a very difficult time for people thinking of buying or selling real estate but the following articles may give you some help deciding what to do.

POLL-Most Americans think it’s a good time to buy a homeWASHINGTON – April 18, 2008
–
A new Reuters/Zogby poll finds that more than half (54 percent) of Americans now think it’s a good time to buy a home. While consumers still view the economy with a wary eye, confidence also improved in April, rebounding to 95.5 percent from a low of 87.7 in March.“Despite months of negative economic news, the overall mood of Americans is showing some signs of improvement – even though most still believe the U.S. is in the midst of a recession,” the poll says. The Reuters/Zogby Index includes 10 poll questions that gauge perception of the state of the country and the economy.Nearly three in four Americans (71 percent) believe the U.S. economy is currently in a recession, a slight decrease from 74 percent who said the same last month.
This month’s survey also finds fewer Americans give their personal financial situation a negative rating (47 percent), compared 54 percent who said the same in March. Slightly more than half (53 percent) rate their personal financial situation as excellent or good, compared to 46 percent last month who felt the same.

Why selling now makes sense BOSTON – April 17, 2008 –

Homeowners reluctant to sell because prices have fallen should do the math and realize that the market downturn could work in their favor, say real estate practitioners in hard-hit, but still pricey Boston.
Their reasoning may work in many other parts of the country as well.“People are finding houses at prices they thought they’d never see again,” says David W. O’Neil of Century 21 Spindler & O’Neil Associates in suburban Boston.O’Neil points out to potential sellers that if the house a buyer covets used to be $500,000 but its price has fallen 20 percent to $400,000, it is a deal, even if the buyer’s own home also has lost 20 percent of its value.In general, the toughest sell is people who bought about four years ago at the height of the market, says Zur Attias of The Attias Group at Barrett & Co. in Concord, Mass. But even for these homeowners, selling now may make sense as long as they can at least break even.
He argues that almost everyone forgoes something, and probably several things, that he or she wanted when buying a house. For instance, the home may be in the right school district but on a busy street. Or it may in a great neighborhood, but it’s a Cape, not a Colonial. These are things Attias calls “unchangeables.
”He says it’s a good time to sell if a seller can get rid of the most negative unchangeables in his current home and replace them with better unchangeables in a new home. Once the market really turns around, the growth will be bigger in the better house, he predicts.
Source: The Boston Globe, Vanessa Parks and Jonathan Wiggs (04/13/2008)

Please let me know if I can help you to sell your property or find a new home. I'm here to assist you and make the process as smooth as possible.

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

Upper Keys Update

2008-04-03T07:03:00.000-07:00

There has been plenty of potential buyers in the Upper Keys looking at properties the past few months. Many are just tire kickers and some are throwing out ridiculiously low offers but sales are happening.

In the last month there have been 10 closed sales and another 6 pending sales of water front properties. The average asking price runs from $590,000 to$4,900,000.

As I've said before there is plenty of great properties on the market and sellers are ready to consider good offers.

Mortgage rates are under 6% for conventional 30 year loans. If you have good credit you can find the home of your dream at a good price with a low mortgage interest rate. Waiting too long can hurt you, prices may start to go up and interest rates may not be as favorable. So if your planning on buying your "Dream Home" in Paradise, now is a great time to do it!

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

STUDY SAYS: MILD HOUSING RECOVERY ON THE WAY

2008-03-18T07:32:00.000-07:00

If you've been ready to buy but have waited for some positive signal, hopefully this will help.

It looks like the housing market may have hit bottom, setting the stage for a mild housing recovery to begin prior to year-end 2008, according to a new study by SMR Research Corp. The market's recovery is likely to be gradual, with house prices merely firming up or increasing slightly, rather than returning to the strong growth seen from 2002 to mid-2006, the firm said. An SMR study was among the first to declare (in 2002) that a housing price bubble existed, defined as prices rising faster than consumer incomes. In a 2004 study, SMR forecast that a "perfect storm" in credit quality would cause an explosion in foreclosures within two years. SMR specializes in mortgage and home equity loan industry research. "Our prior forecasts were accurate but widely disbelieved when issued," says SMR President Stuart A. Feldstein. "We similarly expect a skeptical reaction now to a recovery forecast, which is not the common view. But the numbers are what they are." The new recovery forecast was published within SMR's annual spring study. "Homes are now affordable again," Feldstein says. "Consumer psychology is the biggest remaining hurdle to recovery."

© 2008 FLORIDA ASSOCIATION OF REALTORS

I'm here to assist you when your ready to buy. Please let me know what your looking for and I will do my best to find the right property and negotiate the best price for you.

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

Real Estate" Food For Thought" for buyers or sellers

2008-03-03T10:34:00.000-08:00

If your thinking of buying or selling the following information should assist you with your decision.

1. All I read about in the papers are how real estate prices are falling. Why would I want to buy now when I’ll be able to get a better deal later on?

Answer: It’s true that real estate prices have declined slightly nationwide in the last couple of months, but that’s after an increase of some 88 percent in the last 10 years. In fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 2007 is the fifth best year in the history of real estate in the United States.

Historically, housing prices have risen about 6 percent a year, according to NAR.

Still, it wouldn’t hurt to wait a while, would it?

Answer: One big reason to buy now is that interest rates are still near historic lows. But if oil prices and other rising costs push up inflation, as some economists think they will, interest rates will probably go up, too. That can make your monthly mortgage payment higher and affect how much home you could buy.

Another reason that it’s a great time to buy is that there’s a big inventory of houses to chose from right now. A couple of years ago, when the market was overheated,buyers would just buy the first thing they saw because they were so afraid of not getting any home at all. Now you have the option of more time and a bigger choice so you’ll get the best home for you. And because of the large inventory, you’re in a better position to negotiate a price discount with the seller than you will be when the market begins to strengthen.

Sources Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.

2. Prices are falling. It’s just not a good time to sell.

Yes, but that was after an increase of some 88 percent in the last 10 years, so you’re still way ahead.” .”“If you don’t have to sell, of course, you have the option to wait, but because of the high inventory of homes, it may be a couple of years for prices to start going up again.

If you’re going to be a buyer, it’s a great time to sell because you’ll make up on the buying side what you don’t get on the selling side. In addition, interest rates are still near historic lows, which may not be the case too much longer, so more buyers will be able to afford your home.

No matter what the market, it takes the same three things to sell — presentation, promotion, and price. Just price your house right against your local competition, and you’ll be able to sell it in a reasonable amount of time.

Sources: Emmanuel Fonte, a sales associate at John L. Scott Real Estate in Bellevue, Wash.; Chris Heller, a salesperson at Keller Williams Realty in Encinitas, Calif.; Dan Gooder Richard, owner of Gooder Group, a marketing company in Fairfax, Va.

If you'd like additional information please contact me. As always, I'm here to assist you in your home purchase, tell me what your seeking and I'll do my best to find it for you.

Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300--800-541-5019

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

Information to consider if your almost ready to buy a home

2008-02-22T07:48:00.000-08:00

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

2008-02-07T11:34:00.000-08:00

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

Study concludes global warming diminishing Hurricane Activety

2008-01-23T14:13:00.000-08:00

Interesting findings about Hurricane activety.

Global warming causing fewer hurricanes, study showsMIAMI – Jan. 23, 2008 – Intensifying one of the hottest debates in science, a new report concludes that global warming actually is diminishing the number of hurricanes that strike Florida and the rest of the United States – and the phenomenon is likely to continue.The study, produced by two respected South Florida researchers, found that the planet’s oceans have been warming for more than a century. No surprise there, but this may be:Those warmer oceans are producing stronger crosswinds that tend to suppress the development and growth of hurricanes, according to the scientists.“We found a gentle decrease in the trend of U.S. landfalling hurricanes as global oceans warmed up,” said Chunzai Wang, an oceanographer and climate scientist at the National Oceanic and Atmospheric Administration’s research facility on Virginia Key.Some previous studies found that global warming was increasing the number and intensity of hurricanes, a conclusion that supported the conventional wisdom that warmer seas automatically turbocharge hurricane development.This latest study, conducted by Wang and Sang-Ki Lee of the University of Miami, will be published Wednesday in the journal Geophysical Research Letters. Like all reports accepted by reputable scientific journals, it was scrutinized and reviewed by experts in the field.Though it is still early in the process, the study raises questions about how the insurance industry, which sets rates based on risk models, will respond to reports that appear to contradict each other.Many other studies have used computerized statistical models to predict the future consequences of global warming, but Wang and Lee conducted a rigorous “observational” examination of records reaching back to 1854.They found that nearly every ocean on Earth has warmed since then, producing a variety of effects including stronger crosswinds, a phenomenon called wind shear.When they matched those findings with records of hurricanes that have struck the United States, they discovered a correlation that illustrates the danger of making assumptions about the climate and challenges some previous findings and predictions.“The increased wind shear coincides with a weak but consistent downward trend in U.S. landfalling hurricanes, a reliable measure of hurricanes over the long term,” the report found.Interestingly, the researchers found that warmer temperatures in the tropical Atlantic decrease wind shear, while warmer temperatures in the tropical Pacific and Indian oceans increase shear – but the winds produced over the Pacific and Indian oceans are most important.“Warmings in the tropical Pacific and Indian oceans win the competition and produce increased wind shear, which reduces U.S. landfalling hurricanes,” the report concludes.The study represents another salvo in the war between two camps of hurricane researchers.Both groups agree that global warming is occurring, but they differ sharply about what effect – if any – it’s having on hurricane development.One side says that hurricanes are forming more frequently than they did a century or more ago, maybe even twice as often, and are growing more powerful, largely as a result of warmer oceans.The other side acknowledges a decades-long upswing in hurricane activity. But those researchers say that when you smooth out the peaks and valleys (and account for numerous storms that could not be detected before satellites and hurricane hunter flights), hurricanes are forming at about the same rate – or possibly less frequently – than in the past.“This study is one more piece of evidence countering the exaggerated claims by a small group of scientists that warming trends in tropical oceans have been contributing to major increases in hurricane activity,” said Stanley Goldenberg, a NOAA researcher who has been skeptical of previous reports of a link between global warming and more hurricanes.Wang said additional study is required before firm predictions can be issued, but he believes global warming will not enhance the number and intensity of hurricanes that strike the United States in the foreseeable future.“I think the three oceans will continue to warm up, but the net effect will be to increase shear over the Atlantic Ocean,” he said.On the Net: NOAA on the new study:

I'd like to hear your views on this subject if you have an opinion.

Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

800-541-5019

Signs of Florida Keys real estate rebound appear late 2007

2008-01-09T05:29:00.000-08:00

This information was in the newspaper the other day:

Single family waterfront homes have strongly bucked the downward trend. Sales prices average +32% more than non- waterfront with many more sales.

Overall home inventory continues to decline with fewer listed homes for sale during the last six months of '07.

Owners accepted 17.5% less than asked during that period.

Inventory decline combined with lower prices could soon begin a year-long real estate rebound.

I'll also through in low interest rates and the fact that if you have good credit history you can obtain a decent rate and terms without too much hassle.

As always if your planning to purchase property in the Keys please contact me and I'll do my best to assist you.

I welcome your comments and thoughts, please give me feedback of what you think about the potential real estate market turnaround.

Rob Skeel Realtor

Centuny 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Welcome to 2008

2008-01-04T08:16:00.000-08:00

The holidays are now behind us and we've moved in to 2008.

I hope you all had a great holiday season and that you have a super New Year.

Winter has finally come to the Keys and south Florida, we've had three days of what we consider cold weather and the temperature is now rising. The one good thing about the colder weather is that you get to wear some different clothing for a few days.

The snow birds have arrived and traffic has picked up. There are more buyers driving around and inquiring about various properties. It appears that the condo market is beginning to improve with 7 pending sales currently in the Upper Keys. There hasn't been that many at one time in all of 2007 and this is before our primary selling season has begun.

As always, if your coming down for a visit and are considering purchasing a home in paradise, please let me know and I'll do my best to help you find just the right property.

Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtm

lBLOG http://floridakeysrealestatebyrob.blogspot.com/

Florida Property Tax Reform

2007-12-17T07:08:00.000-08:00

I went to a meeting recently about the proposed Florida constitutional amendment on January 28, 2008.

What were going to be voting on isn't as good as it was once thought but it is a start. According to the representative who did the presentation the Florida Real Estate Association supports it as a first step and if it doesn't pass would mean tax reform could not be implemented until 2009 tax bills are issued.

There are 5 points:

Portability of accumulated Save Our Home benefits.

An additional $25,000 in Homestead Exemption.

Creates a 10% annual assessment cap for ALL non-homestead properties.

Creates a new Tangible Property Exemption of $25,000 for business properties.

Requires an annual appropriation to fiscally constrained counties to offset revenue reduction that results from the constitutional amendment.

For more detail check Whip Policy Brief - Property Tax Reform

Hope you have all your shopping done.

Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Positive Real Estate News

2007-12-12T10:56:00.000-08:00

Some positive Real Estate news from the Association of Realtors:

NAR: Worst is over – existing-home sales to trend up in 2008 WASHINGTON – Dec. 11, 2007 – Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of Realtors® (NAR). However, a recovery for new-home sales is unlikely before 2009.

Lawrence Yun, NAR chief economist, says the worst part of the credit crunch has already worked its way through the data. “The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming,” he says. “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.”

30 year Mortgage Rates can be obtained under 6%, couple this with a large inventory of homes for sale and its a great time to buy in the Florida Keys.

As always when you decide to come down to buy or look around, please let me know and I will do my best to find the property your seeking.

I'll have information for you on the Florida Property Tax Reform initative on my next Blog.

Hope your all getting ready for the holidays, they'll be here before you know it.

Rob Skeel Realtor
Century 21 Prestige Realty Group
305-393-6300
www.RobSkeel.com
http://robskeel.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

Chriistmas Season in the Florida Keys

2007-12-06T06:10:00.000-08:00

The Christmas decorations are starting to appear all around the Upper Keys and by December 25th the whole area will be lite up.

While this is going on the fishing reports from "Skippy" keep coming in telling of good Yellowtail fishing but not much in the way of Sailfish yet. The charter boats need some customers and the captains are trying to bring in customers with a variety of offers.

We had a cold front come through and the temperatures are in the high 70's or low 80's so its quite pleasant.

With the weak dollar this is a great time for you foreign buyers to consider property in the Keys. The valuation of the Euro and Canadian dollar make purchasing a home or second home here very attractive considering the large inventory of property available.

As always I'm here to assist you in your search so please let me know when your coming to visit and exactly what kind of property your seeking and I will do my best to find it for you.

Rob Skeel Realtor

Century 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Thanksgiving Update

2007-11-26T07:52:00.000-08:00

Thanksgiving in the Keys is great. The weather is nice and not a lot of snowbirds in town yet.
There is so many things to do if you have family in for the holiday. We went out on the boat on a gorgeous day with almost no wind and the best visibility I can remember. Visited "Theatre of the Sea" and hung out for a day at the Islander Resort. Went to dinner at Lazy Days and sunset at Lorelli. We did all this and found time to have a wonderful Thanksgiving at our house for family and friends.

The Keys have so much to offer and are located close to major airports so coming and going is easy.

Property sales have started to increase and prices are stabilizing. So if your in the market for a home or a get away now is a good time to come down and take advantage of the large inventory of homes/condos on the market.

Please contact me when your in town and I will assist you in finding the property your seeking.

Rob Skeel Realtor

Century 21 Prestige Realty Group
305-393-6300

http://www.robskeel.com/

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Things to do in the Keys

2007-11-13T14:36:00.000-08:00

I went down to Key West last Friday for the Off Shore Boat Races. Its an easy drive down from Key Largo, less than 2 hours.

It was a beautiful fall day with low humidity and light breezes.

You can watch the races from Mallory Square. Its quite the sight seeing these high powered boats roaring past at 100+MPH.

There wasn't too many people in town because this is traditionally the slow season which will pick up around Thanksgiving.

Real Estate is still slow but the buyers are starting to show up. Hopefully things will pick up. As I've said before there is plenty of inventory and the asking prices have come down. So if your serious about buying a piece of paradise this is a good time to do it!

Rob Skeel

Realtor

Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://robskeel.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Home Selling Tip "SELLING PRICES"

2007-11-06T07:28:00.000-08:00

If your planning to sell your home the following bit of information may be helpful to you.

N.J. appraiser finds ‘test pricing’ doesn’t workNEW JERSEY – Nov. 2, 2007 –

Home sellers who list at a high price to “test” the market do themselves a disservice, according to research by a New Jersey appraiser – their homes spend more days on the market and eventually sell for less than similar homes priced realistically from the start.New Jersey-based appraiser Jeffrey Otteau of Otteau Valuation Group Inc. conducted the research of sales in a declining market in the first six months of 2007. In his analysis of 4,500 home sales mainly in North and Central Jersey in the $500,000-to-$700,000 range, Otteau first looked at homes that sold within one month of listing. He found that the median asking price was $599,900 and the median sales price was only slightly less at $599,000. However, the disparity was greater for homes on the market longer than one month. In that group, the median asking price was $634,900, and the median sales price was $585,000. Otteau believes the higher price immediately turns off many buyers and, if prices are falling, becomes even more overpriced three months later if the house languishes on the market.According to Otteau, many buyers fear that home prices will continue to decline and are afraid to make a commitment. But if a home is priced slightly below the competition, it not only attracts immediate attention, it also assures buyers that they won’t have to worry about local median prices falling a bit more.

“Overpricing extends days on the market and guarantees that you will sell your home for less in a declining market,” says Otteau.

Source: Philadelphia Daily News (11/02/07) Lynn, Kathleen© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

Even though there is plenty of inventory currently in the Keys there are buyers looking and purchasing property. The key is to get them to see your home! Having a realistic sales price is one thing that must be done to get people to want to see yours.

If I can be of service to you, please let me know how I can help.

Thanks

Rob Skeel
Realtor Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Keys News

2007-11-03T09:18:00.000-07:00

There is always fun things to do in the Florida Keys. Right now there is a Corvette Show going on at Holiday Isle Resort and in Key West --Off Shore Power Boat Races. Last weekend was Fantasy Fest.

Come on down, enjoy the great weather, do some boating, fishing, diving or just get a suntan and help me out by buying a place for you to come back to every year or better yet to move to.

The real estate market continues to be slow but in a few weeks things will begin to pick up so don't miss your chance to own a piece of the Keys.

My thought for the day:

“Many optimists have become very wealthy by purchasing property from pessimists”

Rob SkeelRealtor Century 21 Prestige Realty Group
305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Fantasy Fest Report

2007-10-30T13:39:00.000-07:00

Went to Fantasy Fest for the day on Saturday. It was a blast as usual. The people in various states of dress or undress all having a good time was worth the trip. It seemed more crowded this year especially when you got down close to the end of Duval St near Sloppy Joe's Bar. The weather was excellent not too hot and it didn't rain. All in all a good day. If you've never experienced it you should try it some time. I've been told its like Marti Gras but on a smaller scale.

If you went and want to let others know what you did or saw please respond with a comment.

Rob Skeel RealtorCentury 21 Prestige Realty Group

305-393-6300

http://www.robskeel.com/

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Jumbo Mortgage Money Availability Improves 10/26/07

2007-10-26T07:41:00.000-07:00

Things are looking up as the problems with the mortgage money situation are being resolved. This should help if your considering buying a home in the wonderful Florida Keys.

Jumbo rates down

A significant rise in jumbo loan rates resulting in a high number of postponed or cancelled sales was a particularly strong disruption to August home sales, according to NAR senior economist Lawrence Yun. On Aug. 15 the 30-year fixed jumbo mortgage rate hit 7.43 percent, according to data from Bankrate.com.But now those “temporary” mortgage problems may have subsided. As of today, Bankrate.com reports that the jumbo mortgage rate is down to 6.59 percent. “Mortgage problems were peaking back in August when many September closings were being negotiated, and that slowed sales notably in higher-priced areas that rely more on jumbo loans,” said Yun in a release. “The good news is that mortgage availability has markedly improved in recent weeks with interest rates on jumbo loans falling, and more people are applying for safer and conforming FHA mortgage products.

Rob Skeel

RealtorCentury 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/
__________________________________________________

Keys Happenings

2007-10-24T11:33:00.001-07:00

The "Fantasy Fest Festival" began last Saturday and is now in full swing in Key West or Key Weird, whichever you prefer. This Saturday is the grand finale with the parade at 7PM up Duval Street. Its quite a sight. I'll be there to check it all out.

The fishing reports are good with Tuna, Mahi Mahi and Yellowtail being caught in plentiful numbers with an occasional Sailfish boated. There also has been some Swordfish success reported. The weather has been great with no storms to report.

The real estate market is sluggish but this is traditionally the slow season in the Keys for visitors and real estate sales. There has been total residential sales of $471,608,557 in the Keys through the first 9 months of this year.

Good news is that the company I work for Century 21 Prestige Realty is number One in the Keys with 17.74% of the market share.

I'm here to help you find the property your looking for so please contact me and I'll help you find what your seeking.

Rob Skeel Realtor Century 21 Prestige Realty Group

305-393-6300

www.RobSkeel.com

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Waterfront properties are selling in the Keys

2007-10-16T10:04:00.000-07:00

An article in the Keys Sunday section of the Miami Herald indicates that there has been strong sales of waterfront homes between July 1 and Sept. 30Th. Another point made is that the overall inventory of homes for sale is declining.

Condos and non waterfront homes sales are still slow but it won't be long before the winter buying season begins which should start a resurgence of sales in these segments too.

If someone wants to own in the Keys, the time is right to start buying. The people waiting for the bottom should get down here and start buying before they may miss good opportunities.

If your not sure about what kind of property you want, why not tie a house hunting trip in with a nice vacation. The Upper Keys is located less than a two hour car ride from Ft. Lauderdale International and even closer to Miami. There is always something to do even during the slow season. Its nice and warm and the restaurants aren't crowded. The chart boat's aren't busy and you can make a deal to get out and catch some fish. The same holds true for the dive boats.

As always, I'm here to help you find the property your looking for so give me a call or send an e mail.

Rob Skeel RealtorCentury 21 Prestige Realty Group
305-393-6300
http://www.robskeel.com/
http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml
BLOG http://floridakeysrealestatebyrob.blogspot.com/

Keys Update

2007-10-10T14:14:00.000-07:00

There hasn't been any noticeable change in the real estate market in the Keys since my last posting and vehicle traffic has dropped off because it is our slow season.

The good news is there are plenty of fish out in the Ocean with excellent reports of Tuna, Maui Maui, Snapper from Islamorada to Key Largo and Sailfish starting to reappear. The weather is good so if your looking for something to do come on down.

If your interested in Festivals: Fantasy Fest in Key West starts around Oct 20th and ends with the big parade Oct 27th.The parade is really something to see. If you have an open mind its a lot of fun and the people watching is great.

If you need information on the Festival check the Key West web site for details. If you need help with real estate, please

305-393-6300

http://www.robskeel.com/

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

BLOG http://floridakeysrealestatebyrob.blogspot.com/

Mortgage Market--HEALTHY

2007-10-03T12:42:00.000-07:00

All the doom and gloom regarding sub prime mortgage by the Talking Heads is making folks think that they can't get a mortgage or will have difficulty obtaining one at a decent rate, if their considering buying a home. I've talked with a number of Mortgage Brokers and its not true, mortgages are available. There was an article in Sunday's Miami Herald and the one below, dispelling the myth.

MORTGAGE MARKET HEALTHY FOR MOST The widespread notion that the entire mortgage market is in crisis is just plain wrong, say lenders in various parts of the country. The majority of mortgage products have been unaffected by troubles in the sub prime segment. Interest rates for 30-year, fixed-rated loans remain in the low 6 percent range for people with reasonably good, though not necessarily perfect, credit records, according to Kenneth R. Harney, managing director of the National Real Estate Development Center and a syndicated columnist. While there is plenty of money to lend, Harney says underwriting standards are more strict than they were a year ago. Jumbo loans, for example, often require two appraisals – one by an appraiser selected by the lender and the other by one working for the investor. Similarly, FICO credit-score standards generally are higher than a year ago, stated-income mortgages with no verifications are hard to find and lenders are especially wary of excessive “layering of risk” – combining low downpayments with marginal credit scores and high debt-to-income ratios – in markets where prices are trending lower.Source: The Washington Post Writers Group, Kenneth R. Harney (09/29/2007)© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

There is plenty of inventory in the Keys just waiting for the right buyer. If your considering a purchase, I can assist you!

Check out the links below

http://www.robskeel.com/

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Good reason to carry Flood & Windstorm Insurance

2007-09-27T07:13:00.000-07:00

Thought this was an interesting article regarding the need to have Flood Insurance on your property. It doesn't cost that much and with it and Windstorm coverage on the property your better protected if a storm hits.

Supreme Court limits insurance company liabilityTALLAHASSEE, Fla. (AP) – Sept. 21, 2007 –

Insurance companies can be required to pay only for actual damages and just those resulting from covered perils such as wind storms or fires – not other causes – the Florida Supreme Court said Thursday in two rulings affecting homeowner policies.The opinions, both unanimous, rejected prior appellate court decisions that let hurricane victims whose homes were a total loss collect up to their windstorm policy limits even though flooding was at least partly to blame.One ruling could affect an undetermined number of people who lost homes to hurricanes in 2004. Nearly all are victims of Hurricane Ivan and did not have federal flood insurance or their damages exceeded flood policy limits.Most are customers of the state-created Citizens Property Insurance Corp., which stands to save nearly $150 million as a result of the ruling, said Citizens spokesman Rocky Scott. Citizens general counsel Perry Cone said the decision affects about 200 lawsuits pending against the company including class actions with multiple plaintiffs.The Legislature in 2005, though, changed state law to clarify that wind policies provide coverage only for wind damage – not flooding.“The Legislature only fixed something the courts should have gotten right in the first place,” said William Stander, a spokesman for the Property Casualty Association of America.

Positive thoughts for Florida Real Estate

2007-09-17T13:25:00.000-07:00

I recently came across this article and thought I should share excerpts from it.

Real Estate is a long term investment and there are plenty of good buys in the Keys right now if your looking for a second home or a vacation property. If you wait too long you may miss a chance to own a piece of Paradise.

I went out his weekend and the tuna were hitting and sailfish should be showing up soon. Of course it was nice and warm and the dip in the pool after fishing was great. You can't beat the Upper Keys your only 2 hours away, at the most from to two world class airports and the great city of Miami and at the same time close to a funky place like Key West.

Article:

National Association of Realtors senior economist Lawrence Yun said: there has been a negative flow of news – like foreclosures, hurricanes, property taxes and insurance increases – that has left buyers with the impression that the bottom is far from being hit, Yun said.“They have jobs, their income is rising but they are saying, ‘I’m going to step back,’ “ Yun said.So, what does Yun say real estate agents can do to help matters?Tell Florida’s story, he said.Yes, foreclosures have risen fast but they are now just at the national level, Yun said.As for hurricanes that scare some buyers, only six Category 3 or greater storms have landed on Florida’s mainland from 1950 to 2003, although eight touched down in between 2004 and 2005, Yun said.“The chances of that happening again are low,” Yun said of the disastrous two-year period. “I would not be surprised to see insurance companies coming in to grab profits.”Yun predicts that the Florida housing market will get stronger in 2008 and will be booming again by 2010, once people again realize that Florida’s assets are unique.Yun said it’s the perfect time to buy while buyers are sleeping.

© Copyright 2007 Florida Association of Realtors®

Check out my web site for information about the Keys and property listings.

http://www.robskeel.com/

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Foreclosurer Information

2007-09-12T11:34:00.000-07:00

I have had a number of buyers tell me they are interested in foreclosed properties. You have to be very careful when your looking to purchase foreclosures as the following article explains.

To date there hasn't been too many foreclosures in the Upper Keys but I have heard of a few. Educate yourself before you try to find a deal or you could get burned.

tal Association of REALTORS® 2007 Outstanding Design Winner

Be careful when considering purchasing foreclosed properties, official saysSHALIMAR, Fla. – Sept. 11, 2007 – Foreclosures are at a record high across the county, and you’re looking to snag a deal.The first step? Proceed slowly and carefully, says Okaloosa County Clerk of Courts Don Howard.“Anytime you’re buying foreclosed property ... there is some risk involved,” Howard said. “It takes some effort and legwork.”Only basic facts such as the judgment amount and the names of the defendant and plaintiff are listed in a foreclosure filing. Third parties looking to invest must research the properties on their own.“What the general public needs to understand is they’re buying this property as is,” Howard said. “They need to do their homework.”That means visiting the courthouse, looking through records, checking with the tax collector’s office and possibly driving by the property to check it out.“The buyer also needs to make sure the mortgage being foreclosed upon is the first mortgage,” Howard said. “It’s truly a buyer beware type of market.”Although he has no official numbers, Howard suspects more people may be tempted to see what the foreclosure basket has to offer.“The availability of foreclosures is much more simply because the filings are up,” he said. “Considering the falling prices, it might not be a bad time to look.”But some real estate agents say it makes more sense to concentrate on the current market, which has started to correct itself.“I’d much rather be buying today than two or three years ago,” said Jim Gilliland, a veteran Realtor on the Emerald Coast. “Prices are much lower.”In a foreclosure situation, there are many unknowns, such as title issues and repairs, he added.“As a buyer, I don’t think it would be wise to look only at a small percentage of houses on the market,” Gilliland said. “I would prudently look at all the homes.”After a foreclosure is filed at the county courthouse, it is advertised in the local newspaper and a public auction is scheduled.“We, as the administrative arm of the courthouse, hold the sale on the courthouse steps,” Howard said. “The defending party can resolve the foreclosure at any time before the sale.” By law, auctions are held on the courthouse steps – in Crestview and at the annex in Shalimar – at 11 a.m. any weekday. A successful bidder must post a deposit of 5 percent of the sale price.The remaining balance must be paid at the clerk’s office with certifiable funds by 4 p.m. that same day

.Copyright © 2007 Northwest Florida Daily News, Fort Walton Beach, Kari C. Barlow.
Distributed by McClatchy-Tribune Information Services.

Please visit my Web Site www.RobSkeel.com & http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

The Bottom has been reached--Florida Association of Realtors

2007-08-31T06:25:00.000-07:00

The following is an article supporting that now is the time to buy!

ORLANDO, Fla. – Aug. 30, 2007 – Popular perceptions about the housing market are wrong, says noted economist Hank Fishkind, who believes the market reached bottom a few months ago. Fishkind looks for trends in real estate statistical releases, and says that things may not be great but there’s also no indication that they’re getting worse.In his weekly radio address on WMFE in Orlando, Fishkind said he constantly encounters audiences worried about the housing market and any financial disruptions it could cause. “The variance between the real economic data and people’s perceptions was enormous,” Fishkind said. “While home starts have dropped 36 percent from their peak, starts have stabilized over the last six months with no further erosion. Friday’s report on new home sales confirms that the market has bottomed out. Sales actually increased 2.7 percent to an annual pace … and the inventory of new but unsold homes declined.”Fishkind agrees that sales of existing homes are down, but also looks at the amount of the drop and recent changes. “Importantly, the sales of existing homes were again stable for the seventh month in a row,” he says. “While recovery may be some time off, it is clear that Florida’s housing markets have bottomed out.”Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they’re located in the state.“The more overbuilt markets will take longer to recover,” Fishkind says. “But fears that prices will drop significantly are unfounded. And so is the pervasive panic. The economy is stronger than the reports about it.”© 2007 FLORIDA ASSOCIATION OF REALTORS®

If you need help finding the right property for you, please let me know.

The Right Time to Buy

2007-08-22T09:32:00.000-07:00

I've said this before but I'll repeat it, now is a great time to purchase property in the Florida Keys. There is a tremendous amount of inventory and the days on the market has increased so that makes for deals to be had.

The media continues to paint a bleak picture and the stock market is reeling from the sub prime mortgage situation but if your financially secure, this is a great time to find the property of your dreams in the Keys.

If your into waterfront homes there are many available at a reasonable price. Sales of condos and townhouses are suffering but prices have come down and there are some very good opportunties in great complexes.

There is only so much paradise available so if your dream is to own a piece of it, this is a great time to buy! The average appreciation excluding the very hot years is generally 10 to 15%. You can buy now and expect good appreciation in the future on your investment.

If you subscribe to what I've said and need help finding the right property, please let me know and I'll find it for you.

Selling Tips

2007-08-14T07:42:00.000-07:00

If your thinking of listing your home the following are a few things to consider.

‘Listing Price’ is driven by what people are willing to pay for your property at any given point in time. This is mostly driven by sales in the immediate area of properties with similar makeup and features. ‘Listing Price’ is extremely important to reaching the goal . . . selling the property. There are pitfalls that many fall into when it comes to the “list price”:

We will just lower the price if it does not sell immediately. Not the best strategic move especially in a highly competitive market with a lot of properties for sale. For one, consumer behavior shows us that people are not coming back to a property they don’t have an interest in. Therefore, if the price is not within their range they will move onto the next. Second, price reductions can create the perception that there is “something wrong” with the property. The thought process with this is that others must have seen it and weren’t willing to buy it, what did they see that’s wrong.

That’s my price and I’m sticking to it. Real Estate is all about offers, and sellers must be open to reasonable offers if they want to sell. I am not suggesting anyone should ever just take what is offered. Offers can be “unreasonable”. The ultimate decision is always the seller’s. But flexibility is very important. We got pretty spoiled, I think, a few years ago when a property would go on the market and sell at the list price a short time later. That was very abnormal, but has never been the norm. Negotiating is back, and we have to be open to it.

This market is totally different than what it was just two years ago. Its a buyers market now, so you need to have a reasonable asking price to attract buyers. If you set your price too high many buyers won't even bother to look at your property. The key to selling your home is getting it shown and be willing to negotiate the final price.

Hope this gives you a few ideas to help you be a succesful seller.

Buy Now

2007-08-07T10:41:00.000-07:00

The time to buy is now if you have the financial resources and don't require a low down payment loan or if your a cash buyer.

In the past week a number of properties have closed and there are more buyers in the Upper Keys than there has been for quite some time. The inventory of homes for sale is tremendous and sellers are coming to the realization that they must be prepared to negotiate a fair price to get a property sold.

The news media hasn't helped with all the doom and gloom. If we all follow the media hype like lemmings to the sea we will be in a recession before we know it. The people that act now while interest rates are still reasonable will be able to buy at a decent price their own piece of paradise while the others who sit on the fence will see their opportunities evaporate.

The local market conditions are especially good for a serious buyer. If your really ready to buy come on down and see for yourself!

Click here to see whats available

http://www.robskeel.com.preview.z57.com/homes_for_sale.shtml

Is the time to buy now?

2007-08-02T10:14:00.000-07:00

This article is a little long but gives buyers something to think about. Is the bottom near, here or still to come?

Residential real estate prices are falling, and the selection of homes
to choose from has never been better. There seem to be good deals out
there, so should you buy now or wait for the market to get even better?
In other words, when is the best time to buy real estate?

Does this question sound familiar? Not only is this question verbalized
hundreds of times a day, but I believe it is on the mind of every
potential buyer in our market.

It's a good question, one that I would like the answer to if I were
buying. So, I decided to find out what other people were thinking. I was
operating under the premise that if I asked enough people, a common
answer would lead me to the truth.

My unscientific survey consisted of me asking dozens of buyers, sellers
and real estate agents when they thought was the best time to buy. I was
surprised to learn that there were about as many opinions as there were
people willing to give it. However, it wasn't surprising that buyers and
sellers opinions seemed to be 180 degrees apart. Most Realtors' opinions
mirrored that of the sellers.

The general consensus from the buyers is that the best time to buy is
sometime in the future. They gave answers such as "when the property tax
law changes are finalized," "later this fall when sellers are more
desperate," "after hurricane season," "after the elections" or "when the
market hits bottom."

Not all buyers felt it was beneficial to wait. Some were actively in the
market in hopes of striking a killer deal, but they were in the
minority. Some had already bought and were glad they did.

Is the buyer's propensity to wait being driven by common sense or common
greed? Is it possible that buyers are behaving like sellers did back in
the seller's market? When sellers were in control of the market, buyers
were willing to pay almost any price, but for many sellers, it wasn't
enough. So the buyers paid more than the asking price.
A strange sense of irony exists because today's sellers are still
unhappy with the buyers' offers, because these offers are not enough
either. They are well short of asking price. Turn about may be fair
play, but buyers beware. Greed doomed many sellers because they held out
for more. Don't get caught holding out for less.

The sellers and most Realtors I talked to were more focused on the
present. They stated that "today is the best time to buy." They defended
their position by stating that prices are way down from their peak (some
even felt they had bottomed) and interest rates are still attractive.
The Baby Boomers are coming, so get while the getting is good.

Is this advice self-serving or a warning to take advantage while you
can? It may be both. Unfortunately, too many buyers will ignore the
prudent advice of a reputable salesperson when they say "this is a great
deal" or "this is the developer's bottom-line price."

In many cases the salesperson will be right, and he or she has the best
interest of the buyer in mind. The challenge for the buyer is to sort
out advice that is good for them versus advice that is good for the
salesperson.

Now you have heard when it's the best time to buy from the buyer, seller
and agent perspective. But is there a better answer, one that does not
matter which side of the real estate fence you are on?

Try this. The best time to buy is when sellers' fear that tomorrow will
be worse than today. Real estate agents should memorize this answer
because it is not self-serving and its 100 percent true.

When fear motivates, sellers will entertain offers, conditions and
contingencies that they wouldn't under normal circumstances.

This "fear of tomorrow" is a buyer's friend. As long as they have that
ally, they have bargaining power. When hope and optimism begins to
replace fear, sellers will dig their heels in and will become less
negotiable. This change in attitude will take place before the market
bottoms, so if you happen to be waiting for that mythical day, you may
have waited too long to strike your best deal.

Buyers, you find yourself in an envious position because the window of
opportunity to get a great buy exists today.
When will the window close? I don't know. Will it exist tomorrow?
Probably, but the question you will have to ask yourself is whether
you'd rather buy one day too early or one tomorrow too late?

Opposing view regarding Miami Herald report on poor real estate market

2007-07-26T14:12:00.000-07:00

There is usually two sides to the story. This article presents a different picture than the one in the 7/26/07 Miami Herald's Business section

Hank Fishkind: Other economists wrong – housing on slow upswingORLANDO, Fla. – July 26, 2007 – Economist Hank Fishkind calls other economists’ dire warnings and negative news about the housing market overblown, and says that, outside of Miami’s condominium market, the state’s housing markets hit bottom months ago and are now on a slow return to normalcy.Fishkind, speaking Tuesday on his radio talk show, pointed to recent stories released by respected economists. Last Friday, for example, Bloomberg news published a story with an ominous headline – “Miami condo glut pushes Florida’s economy to brink of recession.” It quoted Moody’s/Economy.com’s Mark Zandi who predicted Miami condo price drops as much as 30 percent and a state recession perhaps by October.“There is no doubt that the Miami condominium market is severely overbuilt, and that there will be sharp price drops and massive defaults,” says Fishkind. “But, this is no surprise to anyone who has followed this market.” But, he adds, “It is also important to note that Florida’s housing markets, outside of Miami’s condo market, have hit bottom months ago. The closing volume for new and for existing homes has stabilized.”Fishkind doesn’t predict a huge upswing in closings, but “they are no longer declining. Therefore, we have already seen the worst for this cycle. There is no evidence of sharp price drops anywhere in the state, and there is no reason to expect any such drops outside of Miami condos. Population growth is holding up well as the state continues to attract large volumes of retirees and working families looking for jobs.”Fishkind says that rising gas prices could impact consumer spending more than expected, but he calls that a nationwide problem, one that “Florida will ride out … better than most other places.”Source: WMFE Radio News, 90.7 FM/Fishkind & Associates Inc.© 2007 FLORIDA ASSOCIATION OF REALTORS

Upper Keys 6 month real estate review

2007-07-24T10:19:00.000-07:00

If your a buyer this looks like a great time to purchase property in the Keys.

There is a great inventory of all kinds of properties and prices are down from last year. Sellers appear to be more willing to negotiate the final price to make a deal happen.

If your a seller the good news is that for the first six months of 2007 as compared to the first six months of 2006 the number of properties under contract are virtually the same and the average sale price is actual up $7,000.

Last but not least Century 21 Prestige Realty, who I'm an agent for, is still number ONE with 20.89% of all the listings and 17.53% of all the sales.

Pricing ideas for sellers

2007-07-18T11:39:00.000-07:00

Try practical incentives to catch a homebuyer's attentionNEW YORK – July 17, 2007 – Real estate professionals note that practical incentives that focus on the home price and monthly mortgage payment are more likely to entice buyers than material perks such as fancy televisions.They recommend that sellers lower their asking prices, offer down payment or closing-cost assistance, or purchase home warranties to attract buyers. Sellers also might want to consider paying mortgage points – each equivalent to 1 percent of the mortgage amount – to make the transaction more affordable during the initial years of ownership.They can advertise incentives right away to generate more interest in their listing, or they can offer incentives only if the property does not sell or as a means of sweetening the deal during negotiations.Source: MarketWatch (07/15/07) Hoak, Amy

Homeownership cost reductions

2007-07-16T12:17:00.000-07:00

The cost of home ownership in the Keys has improved during the last year due to an organization called "Firm" and the state legislature.

"Firm" was a grass roots organization which was formed to stop the escalating cost of Windstorm Insurance. The bottom line is it took on the state run insurer of last resort for Windstorm coverage and the result was large reductions in premiums via rate roll backs. "Firm" is still actively working to prevent future out of control rate increases.

The state legislature recently took on property taxes. The results are mixed but there will be a rate reduction for Homesteaded property.

The battle isn't over regarding insurance cost or real estate taxes but the results so far are positive for homeowners and those thinking of purchasing in the Keys.

Why its a great time to buy property in the Keys

2007-07-11T11:55:00.000-07:00

It's a GREAT time to BUY a home in PARADISE

Why now is a good time to buy.

Appreciation – Waterfront property has a long history of appreciation. Because the Florida Keys are geographically restricted, land is in limited supply, demand will always remain high and will hold its value.

Real Estate as an Investment – The amount of second home owners are on the rise. Baby Boomers believe in diversifying their assets, and most second-home owners see their purchase as a solid investment.

Pricing – The Florida Keys are still a bargain as compared to much of the east coast of Florida .

Homes Are Selling – Over 7 million new and existing homes were sold in each of the past three years. Total home sales are expected to exceed 7 million in 2006 for the 4th consecutive year!

Mortgage Rates are at Historical Lows – Currently the average 30-year fixed mortgage rate is approximately 6.60%.

Selection is Excellent – With more available properties on the market, finding just the right home has never been easier.

Demand Will Continue – One million new households have formed each year, on average, since 2000. The number of U.S. households is expected to grow by 14.6 million during the next 10 years. Strong household growth together with rising income will likely translate into increased demand for housing.

Home Sale Prices Have Increased – Median existing U.S. home sale prices have increased on average 6.5% each year from 1972 through 2005.