General

Real Estate Bradenton Fl

Real Estate Bradenton FL

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

ORLANDO, Fla. – Sept. 24, 2009 – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 28 percent last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008, according to Florida Realtors. The state association also reported a 45 percent increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure.

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in August; 18 MSAs also showed gains in condo sales. A majority of the state’s MSAs have reported increased sales for 14 consecutive months.

“For a year now, statewide sales of existing single-family homes in Florida have increased each month compared to the year-ago figures,” says 2009 Florida Realtors® 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). “This is encouraging news, and while it shows the beginnings of recovery, the housing market still needs time to continue its gradual absorption of housing inventory that will help stabilize home prices. That is why it is critical for Congress to extend the first-time homebuyer tax credit into 2010. And, because it’s now taking longer to finalize a home sale, first-time buyers who want to take advantage of the $8,000 federal tax credit need to act quickly, or they may miss the closing deadline of Nov. 30, 2009.”

Florida’s median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 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 July 2009 was $178,300, down 14.6 percent from a year earlier, according to NAR. In Massachusetts, the statewide median resales price was $310,000 in July; in California, it was $285,480; in Maryland, it was $273,769; and in New York, it was $205,000.

Signs point toward continued positive momentum in the housing sector, according to NAR’s latest industry outlook. NAR Chief Economist Lawrence Yun predicts existing home sales will rise through the fourth quarter. “Unless the tax credit is extended, no one should be surprised to see home sales drop in the first quarter of next year,” he said. “However, the fundamentals of the housing market and the economy are trending up, and we expect home sales to generally pick up in the second quarter of 2010. The buyer psychology may be shifting from, ‘Why buy now when I can purchase later,’ to ‘I don’t want to miss out on a recovery.’”

In Florida’s year-to-year comparison for condos, 4,674 units sold statewide compared to 3,222 units in August 2008 for a 45 percent increase. The statewide existing condo median sales price last month was $107,500; in August 2008 it was $158,100 for a 32 percent decrease. The national median existing condo price was $178,800 in July 2009, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 5.19 percent last month, down significantly from the average rate of 6.48 percent in August 2008, according to Freddie Mac. FAR’s sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state’s larger markets, the Daytona Beach MSA reported a total of 686 homes sold in August compared to 573 homes a year earlier for a 20 percent increase. The market’s existing home median sales price last month was $132,700; a year ago it was $164,200 for a 19 percent decrease. A total of 135 condos sold in the MSA in August, up 27 percent over the 106 units sold in August 2008. The existing condo median price last month remained level compared to a year ago at $184,300.

© 2009 Florida Realtors®

How to Find Florida Real Estate

You can find great Florida real estate, and you just have to know a bit about what you’re doing so that your real estate transaction can go as smoothly as possible. The first step is obviously finding Florida real estate, and there are several ways that you can do this.

Trulia

If you want to search for homes in Florida by most popular real estate markets, then you can use the Trulia real estate search. Whether you are moving down the street in Florida or moving there from across the world, they understand that you are making a huge financial decision in your life and they want to be there to make sure that you have the best chances of success.

Florida Guide

To search for Florida real estate, the Florida Guide online company will be a great resource. They even allow you to search by the type of lifestyle that you are looking for, such as beach homes, golf homes, home builders, luxury homes, retirement communities, master planned communities, and on your lot builders.

Realtor

One of the top companies that anyone can go through to find Florida real estate is Realtor. This is actually one of the leading real estate companies in the world, not only for real estate in Florida but all over the world.

They help you to find the perfect property for you, your needs and your budget, and to make sure that the entire real estate transaction goes through as smoothly as possible.

Remember

Of all the different tips that would be helpful to you as a real estate investor, one of the most important things you need to remember is that you must understand your objectives whenever you are purchasing real estate.

What To Consider In Obtaining A River Front Home

Living near a river is something of a dream for many potential home buyers, who appreciate the vast amounts of entertainment and great scenery that such real estate tends to have. Even so, there are several points of interest to consider when obtaining your river front home.

You should research the community in which you want to live for any signs of tourism. If there is a big area in the economy for tourism, you are more likely to experience an active riverside at certain parts of the year. This may not be the best place to raise a family, but government restrictions and regulations should hold up to make it so in case you can’t find a better place.

You can rest easy knowing that your riverside property is going to retain its value over the years. But do expect to pay more upfront, since riverside properties are in higher demand than others. With a way of paying mortgage payments each month, you shouldn’t have to worry much about obtaining the home and being able to afford it. You should talk to a lender to see if you can just to be on the safe side.

Some who buy river front homes want to lead a peaceful existence and enjoy the river they live by. If that’s the case, you will have to do extra research to ensure that the location you are looking at has fair rules against tourism and outside interference. This calls for the need of the property to be privatized, but this isn’t usually a problem even in highly popular tourist locations.

Getting out on the river and having fun is what having a riverside home is all about. You will usually need a good place to store your water vehicles if they are large enough- something some communities provide for a certain cost. if not, you may have to either build a dock or have a sturdy vehicle to haul your water craft to and from a remote garage. You should check into this beforehand so you know what you will need to prepare for in moving in.

A real estate broker can tell you more about a river front property and any concerns that you should take a look at. Real estate brokers can also help negotiate better deals for you, if you don’t already have the negotiation skills required for a proper compromise debate. Brokers will cost more, but certainly bring much benefit to your needs.

Closing Comments

Deciding to buy a riverfront property is a great decision- one that you will no doubt be happy with. Start looking at your options, but don’t be too hasty- make sure the real estate you find is what you are looking for and worth your money.