Posts Tagged ‘Buying a Home’

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Naples FL Real Estate and More: What is the Economical Impact of a Home Sale?

Wednesday, May 15th, 2013

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

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Have you ever wondered what the economical impact of a home sale is on the U.S. economy? Well, wonder no more! The folks at KCM Blog were kind enough to break it down for us with interesting results!

Recently, the National Association of Realtors (NAR) looked at studies done by the Bureau of Economic Analysis, the Census Bureau, Macroeconomic Advisors and the Joint Center for Housing Studies at Harvard.

After reviewing the data, they determined the total economic impact of a typical home sale in the United States is $56,464!

How does this number break down?

Economic Contributions are derived from:

  • Home construction
  • Real estate brokerage
  • Mortgage lending
  • Title insurance
  • Rental and Leasing
  • Home appraisal
  • Moving truck service
  • Other related activities

When a home is sold in the U.S. …

  • $14,958 is income generated from real estate related industries
  • $5,647 for additional expenditures on consumer items such as on furniture, appliances, and paint service
  • $3,509 for expenditures on remodeling within 2 years of purchase

A home sale generates an economic multiplier impact as well. There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be at$11,575.

Additional home sales also induce additional home production. Typically, one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimated in the U.S. to be $20,775.

Add up the numbers and it totals over $56,000! Very interesting!

For more information about homes for sale in the Naples, Bonita Springs and Estero market, contact a John R. Wood Realtor 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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Posted in Home Prices in Southwest Florida, Naples Florida Real Estate | No Comments »





Naples FL Real Estate and More: Will There Be Bidding Wars this Spring?

Monday, April 8th, 2013

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

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Are buyers are finding increased competition through bidding wars due to decreased inventory? This was the focus of a CNNMoney article published just this past Friday.  There have also been reports of bidding wars  where dozens or even hundreds of other buyers are all competing for the same property; not just one or two.

For example, a home in Elk Grove, Calif., reportedly received 62 separate bids, with the final sales price more than $150,000 above its $129,000 asking price. In Cambridge, Mass., real estate brokers stopped accepting bids after the tally reached 250 bids for two condos listed at $800,000 each. The two condos ended up selling together for $2 million.

Additionally, it was reported that Seventy-five percent of real estate agents with the brokerage Redfin surveyed in March say their clients have faced multiple bid situations for properties — up from 56 percent in late 2011. Nationally, the National Association of REALTORS® reported a 19.2 percent drop in inventories year-over-year in February.

Bidding wars appear to be most prevalent in California right now, however with decreased inventory in the Southwest Florida market, will bidding wars also be experienced here? Only time will tell, but some realtors in this market are experiencing multiple bids especially on home price segments under $400K in the Naples, Bonita Springs and Estero market.

For more information, please visit the John R. Wood Market Research Data page or 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: “The home bidding wars are back!” CNNMoney (April 4, 2013)

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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.

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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 FL Real Estate and Beyond: Rising Home Prices Creating Urgency Among Buyers

Tuesday, April 2nd, 2013

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

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As reported recently by the New York Times, potential home buyers are weighing whether to jump in now or risk paying more by purchasing a house later.

Home prices are rising rapidly, particularly the Sunbelt states.  Some economists have also predicted that the 30-year fixed-rate mortgage is expected to also move from its 3.5 percent average to above 4 percent some time later this year.

For buyers who are able to qualify for financing, “getting in a little earlier would be preferable before prices and rates rise too much,” says Lawrence Yun, chief economist for the National Association of REALTORS®.

Additionally, the Federal Housing Administration will raise mortgage insurance premiums on its loans by up to 0.10 percent of the loan amount as of April 1.

“But with housing inventories so tight in many areas, some buyers may want to wait until more homes come on the market. Buyers may need to make a trade-off: Act now to get the best financial deal or wait for more homes to come on to the market but risk paying a bit more”, as told to the New York Times by Yun.

 

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

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

 

Source: “The Time, and Place, to Buy,” The New York Times 

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Naples FL Real Estate and Beyond: Home Ownership Still An Iconic Part of the American Dream

Thursday, March 14th, 2013

 

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

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During the time of the housing bubble burst, many  experts  predicted the end of home ownership as part of the American Dream.  Well, as it turns out, those predictions did not come true.  With information adapted from the KCMblog.com, let’s take a look at some of the myths surrounding home ownership in America.

MYTH #1:  After the housing crash, Americans would no longer believe in home ownership.

FACT: While home ownership has slightly fallen from 69.2% in 2004 to 65.4% at the end of 2012, the desire to own a home is still strong.

  • 73% of Americans say it is a good time to buy a home. (Fannie Mae)
  • 70% of Americans see home ownership as part of the American Dream. (Trulia)
  • In every age group from 25 to 65 years old, over 80% plan to buy a home in the future. Even 76% of those over 65 years old plan to buy a home in the future. (Joint Center for Housing Studies at Harvard University)

MYTH #2: Those families that were forced from their homes during the housing crash would never look at home ownership in a positive light again.

FACT:  Many of the sellers who lost their home to a short sale or foreclosure over the last six years are re-entering the housing market as purchasers. It is projected that over 700,000 people in this category could be in the market for a home in 2013 and that the number will more than double to over 1.5 million in 2014. (Moody’s Analytics)

Nearly 80% of those homeowners who decided to strategically default (walking away from the house and mortgage) over the last few years have expressed a desire to buy a home again within the next 12 months. (YouWalkAway.com)

MYTH #3: Young adults, after seeing their parents suffer major loses of equity, will not embrace home ownership especially as a financial investment.

FACT: Not one study has substantiated this myth. Recent studies have actually proven the exact opposite:

  • 72% of young adults between 18-35 years old see home ownership as part of their personal American Dream. (Trulia)
  • 75% of young adults between 18-35 years old see home ownership as an indicator of success. (Realogy)
  • 94% of young adults under 25 and 96% between the ages of 25-34 plan to buy a home. (Joint Center for Housing Studies at Harvard University)
  • 79% of young adults under 25 years old and 86% of young adults 25-34 believe that owning is a better financial decision than renting. (Joint Center for Housing Studies at Harvard University)

The desire for home ownership in America is alive and well!

For more information about home ownership in Naples, Marco Island, Estero or Bonita Springs, contact a John R. Wood Agent today!

Naples,Bonita Springs, Estero FL Real Estate

Naples,Bonita Springs, Estero FL Real Estate

source: KCMblog.com

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Southwest Florida Real Estate and Beyond: What do Home Buyers Really Want in 2013?

Tuesday, March 5th, 2013

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

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According to a new study released by the National Association of Home Builders, 4 of the top-ranked home features involve energy efficiency.

94 percent of buyers surveyed say they want energy-star rated appliances. Ninety-one percent said they want the whole home to boast an energy-star rating. What’s more, 89 percent said they wanted energy-star rated windows and 88 percent desire ceiling fans, according to the survey.

Home buyers are also paying more attention to the laundry room in homes. Fifty-seven percent consider a laundry room “essential” in a home and nearly every home buyer surveyed say they want one in their home.

Organization is also big for home buyers. All ranking high on their wish-lists: A linen closet in the bathroom, space in the garage to put sports equipment and gardening tools, and a walk-in pantry in the kitchen.

Meanwhile, what do buyers show little preference for? About 43 percent say they do not want a two-story family room, and 38 percent say they don’t want a two-story entry foyer. More buyers view these open spaces as less energy efficient, so they’re no longer as highly rated.

What will your dream home have? Talk to a John R. Wood Agent today about finding your home in paradise that includes everything that is important to YOU.

Naples,Bonita Springs, Estero FL Real Estate

Naples,Bonita Springs, Estero FL Real Estate

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Naples Real Estate and beyond: 2013 Housing Predictions

Wednesday, January 9th, 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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Just this past Friday, Frank Nothaft, chief economist for mortgage giant, talked at the American Economic Association annual meeting.  He gave some of his predictions for housing in 2013.

Here are some excerpts of his predictions:

On housing activity:

It began to turn around in 2012 and will continue to pick up in 2013. Housing starts nationwide were up 25 percent in 2012 from 2011. Home sales were up about 9 percent during that same time frame. Housing starts this year may rise an additional 20 percent to 25 percent and home sales may rise another 8 percent to 10 percent. Southern California also will see pickup in home prices and sales.

On mortgage rates:

Mortgage rates are going to stay at a very low level, mainly due to the Federal Reserve’s decision to continue buying up large quantities of mortgage-backed securities. That pushes up the price of those securities, which reduces the yield and drives the very-low interest rates. The 30-year fixed conforming loan rate is expected to remain below 4 percent.

On distressed levels:

Foreclosures remain at relatively high levels but the nation’s so-called “shadow inventory” has come down appreciably during the past two, three years. Still, there are about 3 million homes in the nation that are seriously delinquent on their mortgages. But again, that’s fallen appreciably, dropping by 1.5 million. We should also expect the bank-owned home supply to be limited over the course of 2013.

On the progress of the recovery:

“The Fed recognized that the housing market has been the laggard (among the economic sectors.) And that’s why they introduced Operation Twist and the third round of quantitative easing in order to push mortgage rates to these record-low levels. And in order to really stimulate housing activity. Indeed, I think they have been successful in what we’ve seen in the past year,” he said.

Click HERE for the full article!

For more information about the Naples, Bonita Springs and Estero real estate markets, please contact a John R. Wood Realtor today!

Naples,Bonita Springs, Estero FL Real Estate

Naples,Bonita Springs, Estero FL Real Estate

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Holiday Wishes from John R. Wood Realtors, Naples Florida

Monday, December 24th, 2012

We all know the holidays in Florida are a little different! No snow, no ice and we are wearing shorts! But, that is what we LOVE about Florida, especially our Naples home.

No matter how you celebrate the holidays with your family- whether on the beach or nestled by a fire – we wish you and your family good tidings on this magical evening!

T’was the night before Christmas and all through the town,
no noses were frozen, no snow fluttered down,
no children in flannels were tucked into bed,
they all wore shorty pajamas instead.

To find wreaths of holly, t’was not very hard,
for holly trees grew in every back yard.
In front of the houses, Dads and Moms were
adorning the bushes and coconut palms.

The sleeping kiddies were dreaming in glee,
hoping to find water skis under the tree.
They all knew that Santa was well on his way,
in a convertible, instead of a sleigh.

And soon he arrived and started to work,
he hadn’t a second to linger or shirk.
He whizzed up the highways and zoomed up the roads,
with the wind in his hair, delivering his loads.

The tropical moon gave the city a glow,
and lighted the way for old Santa below.
As he jumped from the auto he gave a wee chuckle,
he was dressed in Bermudas with an “I Love Naples” buckle,

There weren’t any chimneys, but that caused no gloom,
for Santa came in through the Florida room.
He stopped at each house….stayed only a minute,
emptying his sack of stuff that was in it.

Before he departed, he treated himself
to a glass of orange juice upon the shelf.
He turned with a jerk and bounced to the car,
remembering he still had to go very far.

He shifted the gears and stepped on the gas
and up Highway 41 he went like a flash.
And I heard him exclaim as he went on his way,
“MERRY CHRISTMAS Y’ALL, I WISH I COULD STAY!”

—Unknown Author

 

John R. Wood Realtors Naples Florida

John R. Wood Realtors Naples Florida

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Naples FL Real Estate: November 2012 Neighborhood Snapshot Report Now Available!

Thursday, December 13th, 2012

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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Each month, John R. Wood Realtors publishes their Neighborhood Snapshot Report which shows the number of closed sales over the last 12 months, as well as the available inventory in some of Naples’ and Bonita Springs’ most popular neighborhoods.  This report is divided by single-family homes and condominiums, and gives residents insight into how active their neighborhood is, as well as surrounding neighborhoods.

The latest report dated December 1, 2012 shows that single-family home and condominium inventories continue to increase in all neighborhoods on this report with the exception of The Crossings, Quail West and The Vineyards.  The number of closed sales in the past 12 months have increased in many neighborhoods as well except Coquina Sands/Park Shore/Moorings/Seagate waterfront and non waterfront communities, The Crossings, Kensington, Mediterra, Monterey, and a few others.

To see the full report, click HERE!

John R. Wood Nov 2012 Neighborhood Snapshot Report

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For information about your neighborhood, please contact a John R. Wood Agent today.

John R. Wood Realtors Naples Florida

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Naples Florida Things to Do This Weekend! December 8-9, 2012

Friday, December 7th, 2012

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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Looking something to do this weekend? Here are the top 6 things to do in Naples, Bonita Springs and Fort Myers, Florida this weekend – Dec 8-9, 2012.

  1. On this Sunday, December 9th, don’t forget to see John R. Wood Realtors‘ Open Houses directly behind the real estate section in the Naples Daily News! The weather will be perfect for visiting some of the best and most beautiful luxury homes for sale in Naples, Florida!
  2. The Naples Philharmonic Orchestra often plays with world-classical musicians, but it doesn’t often bring in renowned saxophone players, let alone of the quality of Brandford Marsalis, who despite being better known for his jazz pedigree is one of the finest classical horn sax players in the world.  See him Friday and Saturday night at the Phil. Visit www.thephil.org for ticket information!
  3. After a couple of days of playing with regular golfers, things get really interesting today (Friday, December 7)  at the Franklin Templeton Shootout as the 24 PGA Tour pros head out on the links to do battle amongst themselves at Tiburon. www.franklintempletonshootout.com
  4. Looking for something a bit different than your average 5K, then try the Rookery Bay Reserve Adventure Race, which combines 3K in a kayak with another 4K trail run on Saturday at Rookery Bay. Visit www.rookerybay.org for more information!
  5. Hear some of the best in Florida bluegrass at the Palmgrass Bluegrass Festival from 10 a.m. to 5:30 p.m. at Alliance for the Arts! This one takes place in Fort Myers.  Six regional acts will play along with headliners NewTown from the heart of bluegrass country in Kentucky.  Visit www.artinlee.org for more information!
  6. Get the kids in the holiday spirit at Roy’s in Bonita Springs with their annual gingerbread house making event at 6:30 p.m. on Sunday. For $25 kids get dinner and all the gingerbread house building supplies they need. Call 239-498-7697 for more information!

 

For all of your real estate needs, please contact a John R. Wood Agent today!

John R. Wood Realtors Naples Florida

 

 

 

 

 

 

 

Information courtesy of Gulfshore Life.

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