Real Estate 2012: Closing on a Good Note

According to the article “Real estate ending the year on an upswing” from nj.com, the housing market continues its rebound from the crisis.

Indices from the Standard & Poor’s/Case-Shiller Home Price  indicated that home prices were up 4.3 percent in October from a year earlier, marking the largest 12-month increase since May 2010.

As we mentioned in our blog entry, Pending Home Sales Rise to Five Year High, pending home sales have consistently gone up along with consumer confidence and home prices. The industry is excited to see that pre-owned homes have been selling rapidly, as shown by figures from the National Association of Realtors.

Over 100 experts (real estate experts, economists, financial strategists, etc.) collaborated on Zillow’s Expected Home Price Survey with positive speculation. Home prices are expected to rise up to 3 percent in 2013.

According to Trulia, house sales are 73 percent back to normal (pre-crisis levels), delinquency and foreclosure rates are 41 percent back to normal and housing prices are 37 percent of the way back to normal.

Stay tuned! We’ll be sharing more information and new data about real estate conditions.

At Florida’s Best Realty, we’re feeling very optimistic about home sales in South Florida in the coming New Year. We want to be your go-to crew for your real estate journey in this fantastic area. Whether you are buying or renting properties and South Florida real estate, our experts will be delighted to make sure you get the very best outcome and have a great experience.

Florida’s Best Realty is always by your side.

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Pending Home Sales Surge to Five Year High | by Diana Olick, CNBC Real Estate Reporter

Greetings, South Florida!
We’d like to share some great points from this article from Thursday, 29 Nov 2012 by Diana Olick, CNBC Real Estate Reporter wrote this article on her section, CNBC Realty Check.
“Buyers are coming back to the housing market in ever greater numbers, as an industry index measuring contracts to purchase existing homes surged 5.2 percent in October from September.The monthly gauge of pending home sales from the National Association of Realtors was also revised higher in September and is now up 13.2 percent from October of 2011. This is a forward looking indicator for closed sales one to two months from now.“We’ve had very good housing affordability conditions for quite some time, but we’re seeing more impact now from steady job creation and rising consumer confidence about home buying now that home prices have clearly turned positive,” wrote Lawrence Yun, chief economist for the NAR in a release. Pending home sales are now at the highest level since March of 2007 and have risen, on a year-over-year basis, for 18 consecutive months. The activity, however, varies from region to region, and the Realtors say the Northeast, which saw a 0.1 percent drop in sales month-to-month- did see some impact from Hurricane Sandy.

Signed contracts also declined in the West, 1.1 percent in October month-to-month and are up just 0.9 percent from a year ago.

Pending home sales surged in the Midwest, up 15.6 percent month-to-month and up 20 percent from a year ago. They were also higher in the south by 5.5 percent sequentially and by 17.4 percent from a year ago.

Realtors continue to warn that while this housing recovery seems to be gaining steam, changes to the mortgage interest deduction, as well as other potential hits to the economy from the so-called “fiscal cliff,” could derail the momentum.”
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Florida’s Best Realty thanks Ms. Olick CNBC for this fantastic article on the improving market!

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South Florida Home Prices Are Up!

Looking for the right opportunity to buy or sell in South Florida? Florida’s Best Realty is pleased to tell you that things are looking up! So dive in with us. We have what it takes to help you navigate South Florida real estate.

Throughout our region, home resales have risen and prices are increasing and stabilizing.

This October, we experienced exciting growth in Miami-Dade and Broward. Houses are spending less time on the market, sales are up on both single-family homes as well as townhomes and condos.

Expect to see a continual rise in prices. If you’re not in now, you better hurry! These significant upticks mean availability doesn’t last long. You’ve got to be active before someone takes up a dream property.

Interested in browsing for housing? We feature incredible properties throughout South Florida.

View Florida’s Best listings today.

If you have any questions about renting, selling or buying real estate, please don’t hesitate to contact us, South Florida’s premier real estate agency!

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Short Sales…….There’s Really Nothing Short About Them!

With the real estate meltdown occurring in 2005 sellers found just about any way they could to unload distressed homes without incurring judgements, liens and the fear of banks forever controlling their financial future. One solution to all of the above is the “short sale”, which to put into simple terms, is an agreement between a lender and a borrower to allow the borrower the ability to sell a home at less than the principal balance owed. So, for instance, if you bought a home in 2005 for $100,000.00 and it is now worth $50,000.00 in 2012, you would be left with a few choices. One, you could ask for a principal reduction (simply asking the lender to cut your balance owed on your home). From my experiences, this hasn’t worked, and most borrowers who attempted to go down this route ended up getting foreclosed on. Option B is a refinance; however, with negative equity (the value of a home vs. what is owed on it)

Student Housing

 

Situated in South Florida’s luxurious city of Boca Raton, home to Florida Atlantic University, Lynn University, Palm Beach State College, Digital Media Arts College, Everglades University, American Friends of Telaviv University,  and many other small schools , Florida’s Best Realty offers a specialty service aimed at assisting students, faculty and staff of local college universities.

The service is actually the foundation upon which Florida’s Best Realty was founded – providing a free, no hassle locator service to find off campus housing solutions for universities. When founded in 2001,  StudentHousingOffCampus.com was the original off-campus housing site.  It later grew to incorporate many avenues of real estate transactions, eventually merging into one conglomerate of FloridasBestRealty.com.

✓Whether you are looking for an apartment, condo, townhome, villa or single family home for rent or sale, we are here to assist you.  Our agents are licensed professionals who will personally work one on one with you to ensure your satisfaction.

✓Whether looking to rent a home near campus or buy a property as an investment, call or email our office at any time and we will be glad to assist you with finding a new home.