Archive for the ‘Buying a home in Southwest Florida’ Category

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Naples FL Real Estate and More: Gallup Says American Dream of Owning Home Lives On

Monday, May 6th, 2013

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

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Gallup just released its poll, American Dream of Owning Home Lives On.

What was the conclusion of this survey?

“Gallup data on homeownership provide strong support for the idea that the American Dream of owning a home continues to be alive and well. The majority of Americans who own a home plan on continuing to do so in the future, and most of those who don’t own a home plan on buying one.”

And, here is  a superb infographic courtesy of the KCMblog.com that shows the 5 Top Reasons people buy…

Top Reasons People Buy

Are you looking to buy in Southwest Florida? Whether you’re looking to buy a vacation or winter luxury home, your first home or a great investment, a John R. Wood Agent can help! Contact a John R. Wood agent today!

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Naples Real Estate and Beyond: Financial Reasons to Buy a Home Now

Wednesday, April 3rd, 2013

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

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We know prices are rising and mortgage rates are predicted to rise as well. If you’re weighing the pros and cons of buying now, this information may help you!  Here is an overview of some good financial reasons as originally provided by KCMBlog.com

Experts are not only projecting that house values will increase in 2013. They are also more optimistic in the level of appreciation they are projecting as well.

Here are some examples:

The Home Price Expectation Survey:  The latest survey of a nationwide panel of 118 economists, real estate experts and investment and market strategists reveals they project home values to end 2013 up an average of 4.6% according to the first quarter. This is after they had projected a 3.1% increase just three months ago.

Bank of America: In a report titled, Someone Say House Party?, Bank of America analysts revised their projections upward:

“Home prices continue to show momentum amid shrinking inventory and record high affordability, prompting us to revise up our original forecast of 4.7% for home prices this year. We now expect national home prices, as defined by the S&P Case Shiller home price index, to increase 8% this year.”

According to a report in DSNews, Capital Economics also upgraded their prediction:

“Strong demand and tight inventory have brought existing home sales back to ‘normal’ levels, and further gains are possible, according to the latest market report from Capital Economics. Additionally, market conditions may prompt lenders to “loosen the purse strings slightly” and lend a little more freely.

These conditions, combined with broader economic indicators, lead Capital Economics to revise its previous forecast of a 5% price gain this year up to 8%.”

In an article from HousingWire, Morgan Stanley joined the party:

“Strong momentum in home prices as well as housing activity gave Morgan Stanley analysts enough confidence to upgrade their home price appreciation projections to roughly 7% (from 5%) for 2013, according to its latest global securitized credit report…

“The momentum in most metrics of housing activity is running well ahead of the pace we had expected,” said James Egan, Jose Cambronero and Vishwanath Tirupattur, analysts for Morgan Stanley.”

Not only are prices projected to appreciate. Experts are actually revising their projections upward as demand maintains its momentum.

For more information about buying in the Southwest Florida market, contact a John R. Wood Agent today!

Naples,Bonita Springs, marco Island, Estero FL Real Estate

Naples,Bonita Springs, marco Island, Estero FL Real Estate

 

Source: KCMBlog.com

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Naples Real Estate: 4 Strong Reasons to Buy a Home Now in Southwest Florida!

Thursday, August 16th, 2012

Recently, the National Association of Realtors (NAR) posted these 4 reasons to buy a home now. They are pretty good reasons!

1. The price is right. The median single-family home price hit its lowest in more than a decade when it reached $154,600 in January, according to the National Association of REALTORS®. That was the lowest since October 2001. During the height of the housing market in July 2006, the median home price for a single-family home was $230,900.

2. It’s cheaper to buy than rent. In nearly every major metro market, it is cheaper to buy a home than rent. Rents have been on the rise the last few years and are predicted to continue to rise. Meanwhile, home affordability is at record highs, which means that buying a home is more within reach to the median income family.

3. Inventories of for-sale homes are shrinking. Ned Davis Research estimates that excess inventories of homes to be eliminated by the end of next year. “When excess supply dries up, people start building more new houses, which has the virtuous effect of reducing the unemployment rate and increasing the economy generally,” according to the USA Today article.

4. Mortgage rates are at record lows. Mortgage rates have hovered near record lows for weeks, which have helped pushing housing affordability higher. For example, the average 30-year fixed-rate mortgage, which is the most popular among home buyers, is 3.59 percent, according to Freddie Mac—just above its record low set on July 26 of 3.49 percent average. “It’s conceivable that at some point in the next 30 years, your interest rate would be less than the rate of inflation,” writes Waggoner for USA Today.

 

Here are 4 reasons to buy a home in Southwest, Florida…

  1. The price is right here too! As of July 2012, the year-to-date median home price in the Naples, Bonita Springs and Estero Market was $199,000.
  2. It’s cheaper to buy than rent here as well! The median rent cost in Naples, FL is $1500! (hotpads.com)
  3. Talk about shrinking inventory! Available inventory in the Naples, Bonita Springs, Estero market on August 1, 2012 stood at 6,274 units (3,418 condominiums and 2,856 single family homes). This represents a 14% decline from August 1, 2011, and approximately a seven-month supply.
  4. The best reason of all? Southwest Florida has pristine beaches, second-to-none weather, world-class dining and shopping, and has wonderful cultural events and attractions!

 

How do you find your piece of paradise? Talk to a John R. Wood Agent today!

 

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

 

John R. Wood Realtors – The Symbol of Local Knowledge.

 

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Naples, Florida Real Estate & Beyond: International Buyers Still Sweet on Florida!

Tuesday, July 24th, 2012

According to the most recent Profile of International Home Buying Activity Report by The National Association of Realtors (NAR), international buyers are heavily concentrated in four states: Florida, California, Texas, and Arizona.

However, Florida has been the fastest growing destination of choice.

Florida accounts for 26% of international sales. These are sales measured in terms of transactions, and the percentage figure indicates that 26 percent of total international home sales in the U.S. to foreigners (not 26 percent of total U.S. home sales, and not 26 percent of Florida home sales) go to international clients in Florida.

Purchasers from South America frequently find Florida attractive and well as Canadians, who also tend to focus on Florida.  There are a sizeable number of German speakers in Southwest Florida.

Canada, China, India, Mexico, Brazil, and the U.K. remain as the major sources of purchasers with Canadians, Brazilians and buyers from the U.K. topping off sales in Florida.

See the full report here!

Are you ready to buy or invest in Southwest Florida? Talk to a John R. Wood Agent today!

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

 

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Buying a home in Southwest Florida – report says home buying is now at most affordable level

Thursday, May 24th, 2012

In a report released by the National Association of Realtors (NAR) posted in CNN Money just this past Friday, home buying is now at its most affordable level in decades.

Nearly 78% of homes sold during the first quarter were affordable to those earning the national median income of $65,000, according to a report released recently by the National Association of Home Builders and Wells Fargo.

The reason: Home prices nationwide are off about 36% from their peak. Median income has risen by about 10%. And mortgage rates are below 4%.

Get the full story HERE.

Are you ready to buy or sell in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

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Southwest Florida Real Estate – Looking for a Short Sale Expert?

Wednesday, May 16th, 2012

So, you’re interested in purchasing real estate in short sale situation.  But, you’re not sure what you should be looking for in terms of a qualified agent.  Yes, whether you are buying or selling, you will need a qualified agent for your short sale situation because a short sale has many intricacies that differ from a traditional real estate transaction.

A short sale is a sale of real estate in which the proceeds from selling the property will fall short of the balance of debts secured by liens against the property and the property owner cannot afford to repay the liens’ full amounts, whereby the lien holders agree to release their lien on the real estate and accept less than the amount owed on the debt.  A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs to both the creditor and borrower.

How do you find an agent that is truly qualified?  There are three agent designations recognized on a national basis that your chosen agent should have at least one of.

 

Certified Distress Property Expert (CDPE)

One of the first designations available in the field, CDPE has reached the milestone of 40,000 real estate professionals trained in foreclosure avoidance tools and strategies through the Certified Distressed Property Expert (CDPE) Designation course. CDPE is the fastest-growing independent designation in real estate industry history.

The CDPE designation is administered by the Charfen Institute, which educates and trains real estate professionals and small business owners to find opportunities in chaos – either by providing solutions to the foreclosure crisis or empowering entrepreneurs with strategies to embrace their companies’ full potential.

Short Sale and Foreclosure Resource Certification (SFR)

This is the designation offered by the National Association of Realtors (NAR). The SFR Certification is NAR’s short sale training program developed and continuously updated by industry leaders. The training covers both the seller and buyer side of the short sale transaction. Designed to prepare the agents for the short sale process from the first meeting with the seller through the marketing, contract writing and submission of the short sale package it has prepared over 50,000 REALTORS® across the country to successfully navigate the distressed property waters.

Short Sale Certified (SSC)

A newer entry into the field, the Short Sale Certified designation (SSC) focuses on local laws and trends in the agent’s footprint. The course was developed by Brandon Brittingham, a top producing agent who has personally completed several hundred short sales, and Gee Dunsten, a former national CRS president who has instructed and written short sale courses all over the country and is considered an industry expert.

SSC has just announced an alliance with the Leading Real Estate Companies of the World to offer short sale training to the 100,000+ agents in the network. This will include live training as well as distance learning.

 

John R. Wood Realtors is currently a member of Leading Real Estate Companies of the World and has a number of agents with designations to assist you in your short sale situation.

To find a John R. Wood agent who can assist you, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

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Now is the Time to Buy a Home According to a Consumer Survey

Thursday, April 19th, 2012

A convergence of factors is leading more Americans to believe that now is a good time to buy a home, according to the latest Fannie Mae Housing Survey.  The belief that rents, home prices and mortgage rates all will rise this year contributed to that determination.

The monthly survey conducted in March found that 73% of respondents believed now is a good time to buy a home, up from 70% in February. “Conditions are coming together to encourage people to want to buy homes,” Doug Duncan, vice president and chief economist of Fannie Mae, said in a news release. “With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

Get more information HERE.

Are you ready to buy in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

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Southwest Florida Real Estate – 6 Ways to Delay (or Kill) Your Real Estate Deal

Friday, April 13th, 2012

If you’re like many people,  you are taking advantage of the Southwest Florida real estate market by purchasing a home in paradise.  And, perhaps you’re looking at properties and just applied for a mortgage.

Now is a critical time to keep your ducks in a row, especially as it pertains to your mortgage application and finances. Here are six ways to delay or kill your real estate deal.  To be perfectly clear, you DON’T want to do any of these things once you’ve applied for a mortgage.

  1.  1.  Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable.  Small, explainable deposits are fine, but getting $10,000 from your parents as a gift in cash is not. Discuss the proper way to track your assets with your loan officer.
  2. Don’t make any large purchases like a new car or a bunch of new furniture. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios…higher ratios make for riskier loans…and sometimes qualified borrowers are no longer qualifying.
  3. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios, as well. Even if you swear you won’t be making the payments, the lender will be counting the payment against you.
  4. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Frankly, before you even transfer money between accounts, talk to your loan officer.
  5. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
  6. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more approvable. Wrong. A major component of your score is your length and depth credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. Any blip in income, assets, or credit should be reviewed and executed in a way to keep your application in the most positive light.

Are you ready to buy in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

source: kcmblog.com

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Southwest Florida Real Estate News – FHA Fees Increasing Today, April 9, 2012

Monday, April 9th, 2012

Starting today, April 9, 2012, the upfront insurance premium charged on FHA-insured mortgages for home purchases will increase from 1 percent to 1.75 percent and the annual FHA mortgage insurance premiums will rise by one-tenth of a percentage point.

 The cost of a $200,000 FHA mortgage will rise by about $24 a month, assuming the borrower includes the upfront charge in the amount financed through a 30-year mortgage. The fourth fee increase in the last three years should boost the FHA’s reserves by more than $1 billion through 2013, according to HUD.

If you’re looking to finance a JUMBO home loan utilizing an FHA loan, you may want to do this sooner than later, as a fee increase for jumbo loans and some 15-year loans will be added June 11, 2012.

Are you ready to buy in Southwest Florida?

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

source: realtor.org

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Spring Real Estate Market Buyer Activity in Southwest Florida

Thursday, April 5th, 2012

The spring real estate market is here and agents at John R. Wood Realtors, as well as across the country are reporting that buyer activity is very strong.  Purchasers are beginning to realize that this is one of the greatest times in American real estate to buy a home.

There are four reasons for this:

1. They realize that it is the COST of the home that matters most not the PRICE.

2. They realize that it is actually LESS EXPENSIVE to own than to rent in 98% of the country.

3. They realize that SHORT SALES are a real bargain.

4. EVERYONE is now saying it is time to buy.

 

Over the past thirty days, more and more experts are saying the same thing. See what a few of these experts have to say:

Jamie Dimon, JPMorgan Chase CEO

“I believe we’re very close to the inflection point. People look at prices that are still coming down but all the other signs are flashing green… You could come up with a pretty bullish case (for housing).“

 

Frank Nothaft, Freddie Mac chief economist

“Even the housing market is showing some signs of shaking off the depression-like conditions that have plagued it for much of the past few years.”

 

Goldman Sachs Group

“Stabilization in U.S. housing fundamentals is creating an attractive investment opportunity. Many of the ingredients are in place for continued improvement in housing.”

Lawrence Yun, NAR chief economist

“If activity is sustained near present levels, existing-home sales will see their best performance in five years. Based on all of the factors in the current market, that’s what we’re expecting with sales rising 7 to 10 percent in 2012.”

 

Is now the time for you to jump in the Naples, Bonita Springs and Estero Real Estate Markets?

 

To find a John R. Wood agent, click HERE.

To search for real estate in Naples, Bonita Springs, Estero or Marco Island, Florida, click HERE.

John R. Wood Realtors – The Symbol of Local Knowledge.

 

 

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