The John R. Wood Realtors’ February/March digital  issue of Homelook is now available!

Click HERE to view the digital issue!

Lured by some of the lowest housing prices in a decade, foreign-born residents and visitors are buying U.S. properties at a rapid rate. More than 8 percent of all real estate sales in 2010 were to foreign nationals, according to the National Association of Realtors (NAR).

Mortgage companies offer a variety of products to foreign nationals but the products’ accessibility and terms depend on the borrower’s immigration status and documentation of credit status in his or her home country.

International interest in U.S. properties is growing fast. Sales of real estate to foreigners increased from $66 billion in 2009 to $82 billion in 2010, according to NAR data.

In Florida, which accounts for 10 percent of the country’s immigrant population,  foreign buyers accounted for almost 31 percent of all real estate transactions. Other states popular with foreign homebuyers include California, Texas, Arizona, Illinois, Tennessee and New York.

Foreign nationals tend to buy homes in communities where they already have roots or where large immigrant populations exist. In Florida, Cubans, Haitians and Colombians account for the majority of foreign buyers while in most of the Southwest, Mexicans make up the majority. Canadians are buying heavily all across the country.

 To find homes for sale in beautiful Southwest Florida, click HERE!

To learn more about Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

The Alternative to Buying

If a family continues to rent, they are looking at a housing expense which will rise with the market. Rental costs increase by 3% a year historically. But today’s rental market favors the landlord to a greater degree. Below is a graph of how rental prices have increased recently and where they are projected to go over the next few years based on a report from Marcus & Millichap.

Hoping to save by delaying the purchase of a home may result in higher housing costs while you’re waiting, thus achieving the exact opposite result.

Check with a John R. Wood Agent to determine the best option for you and your lifestyle!

To find homes for sale in beautiful Southwest Florida, click HERE!

To learn more about Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

According to a report from the Daily Real Estate News, the list of housing markets showing signs of improvement in home prices and overall market conditions in February has grown to nearly 100 cities, according to the National Association of Home Builders/First American Improving Markets Index. 

The index shows metro areas that have shown improvement in home prices, housing permits, and employment for at least six straight months. 

In the latest index, some markets that were particularly hard-hit during the housing market crash — such as Miami and Detroit — were added to this month’s list. Such cities are seeing a turnaround in their sluggish housing markets, possibly already hitting bottom. 

“Despite the many challenges that continue to drag on the housing recovery — including the tight lending environment for builders and buyers — improving conditions are slowly but surely spreading from one housing market to the next,” Bob Nielsen, NAHB chairman, said in a statement. 

The 29 metro areas added to the list this month are: 

• Napa, Calif.
• Deltona, Fla.
• Miami, Fla.
• North Port, Fla.
• Tampa, Fla.
• Augusta, Ga.
• Shreveport, La.
• Springfield, Mass.
• Cumberland, Md.
• Lewiston, Maine
• Boston, Mass.
• Detroit, Mich.
• Duluth, Minn.
• Rochester, Minn.
• Jefferson City, Mo.
• Kansas City, Mo.
• Hattiesburg, Miss.
• Omaha, Neb. 
• Ocean City, N.J.
• Syracuse, N.Y.
• Springfield, Ohio
• Youngstown, Ohio
• Portland, Ore.
• Longview, Texas
• Memphis, Tenn.
• Provo, Utah
• Salt Lake City, Utah
• Bellingham, Wash.
• Kennewick, Wash.

While nearly 30 markets were added to the February index, seven markets dropped off the list this month as home prices started to soften. The metro areas dropped from this month’s index are: San Jose, Calif.; Washington, D.C.; Kankakee, Ill.; New Orleans; Worcester, Mass.; Jackson, Miss.; and Sherman, Texas. 

To find homes for sale in beautiful Southwest Florida, click HERE!

To learn more about Naples, Estero, Bonita Springs and Marco Island, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

The spring season usually brings an increase in buying and selling to the Southwest Florida real estate market. Nationally speaking, housing experts are mostly optimistic that this spring will be even better than recent years. 

According to the National Association of REALTORS^® (NAR), some signs are already there: Housing inventories are declining, housing affordability is at record highs, mortgage rates are at all-time lows, and the job market is improving. 

In Southwest Florida, home sales have been edging up in recent months, and available inventories as of January 1, 2012 in the combined Naples, Bonita Springs, Estero market was 7,896 units (4,264 condominiums and 3,632 single family homes). This represents a 23% decrease from January 1, 2011.

 Nationally, nearly 2.4 million units were available in December 2011, reaching its lowest point since 2005, according to National Association of REALTORS® data. 

NAR’s Chief Economist Lawrence Yun says home prices are beginning to stabilize in many markets.  Also, NAR’s Housing Affordability Index is at its highest level since the 1970s, which indicates that for the average family housing is very affordable. 

The National Association of Home Builders is also predicting an improvement this spring among the new-home sector. NAHB is predicting that home sales will increase 18 percent this year, that’s after facing their lowest on record in 2011. 

There is no better time to buy a luxury home right here in Marco Island, Naples, Bonita Springs or Estero, Florida.

To find homes for sale in Marco Island, Naples, Bonita Springs or Estero, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

You know we had to do it! With everyone still discussing the Superbowl today, we had to come up with something clever to blog about today and integrate the Superbowl somehow!

Well, we cannot take all the credit! Some of the credit must go to the KCMBlog, where this original idea came from. We love the correlation between the job of the players and your relationship with those individuals that make your real estate transaction a successful one!

Thanks to the KCMBlog and their accurate opinion of how the team works best:

• Head Coach (Your Loan Officer) – Your loan officer should be the Head Coach. After careful analysis of your income, credit and assets, this is the person in the best position to make sure you are playing to your strengths and minimizing your weaknesses.  Your loan officer can discuss the economic realities of homeownership, while listening to your quality of life concerns. The loan officer can set up the game plan.
• Offensive Coordinator (Your Real Estate Agent) – Your real estate agent is your offensive coordinator. Armed with the game plan. the agent calls the plays, counseling you on the geography, the competition, the best ways to negotiate your way to your personal touchdown. Agents know the playing field (the inventory and the market). If you hire them to represent you, they can disclose the weaknesses of your competition (the seller).
• Offensive Line (Your Attorney, Accountant and Financial Advisors) – Your attorney, accountant and financial advisors are your offensive line. They are there to protect you from the blitzes that come from outside (sellers, title issues, tax consequences, and protecting your assets). Not the glamour positions, but vital to any success you are going to have.
• Running Backs and Wide Receivers (Your Friends and Family) – Your friends and family are the running backs and wide receivers. They often receive the glory and attention, but honestly, if everyone else doesn’t do their job, they rarely ever see success. Bad game plans, weak play calling, poor execution on the offensive line or by you, as quarterback, leave them merely as names on the roster.

As with any team, communication is the most important component to getting the desired results. Being the center of the action, the quarterback (you) talks honestly with the coaches and coordinators, so they can help direct you on the proper play calling.

Simultaneously, you need to heed the feedback from your offensive line, running backs, and receivers to filter wise advice from emotion.

Let John R. Wood assist you in being the “quarterback” of your home-buying process! We are ready to be your “Offensive Coordinator” and find you the right vacation or home-away-from-home property!

To find a John R. Wood Agent today, click HERE!

To see homes for sale in Naples, Bonita Springs and Estero, FL, click HERE!

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

 Click HERE to read our latest issue of Homelook Weekly!

To search for homes for sale in Naples, Bonita Springs and Estero, Florida, click HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

According to Realtor.com’s Top 10 Turnaround Town list, Naples, Florida makes the list for this quarter. Powered by a 13.38 percent year-over-year increase in median list prices, seventh best in the nation overall, and a 35.94 percent reduction in for sale inventory, the median age of inventory in Naples is down 13.64 percent compared to a year ago.

The demand in Naples, FL has been fueled by foreign buyers as the city attracts 6 percent of Florida’s international sales. While not everyone is considering Naples as a bullish market, according to the Naples Area Board of Realtors (NABOR), sales are up and prices are moderating.

The latest sales data from NABOR confirms that the market is changing, but moving in the right direction. Sales of December single family homes are up 5 percent from December 2010. Inventory is down 17 percent percent from a year ago.  

Find homes for sale in Naples, Bonita Springs and Estero Florida HERE!

John R. Wood Realtors – The Symbol of Local Knowledge

Source: UPI.com and NABOR

Last week, according to an article found on CNNMoney, “rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89 percent and 3.16 percent, respectively, according to Freddie Mac.”  The question remains: how long will prospective buyers enjoy such low rates?

Potential buyers sitting on the fence waiting for the rates to go lower may be getting their reason to act: a recent action by Congress may be pushing those rates higher shortly. According to CNNMoney, “to pay for the extension of payroll tax cuts, Congress mandated an increase in fees for Fannie Mae and Freddie Mac loans. That could mean an increase in upfront costs for borrowers of about half a point, starting April 1. The new fee would add $500 for every $100,000 in principal.” Instead of an additional upfront fee, borrowers could pay the fee as a higher interest rate, [adding] an additional one-eighth of a point to their rate. That amount might seem inconsequential, but when added to a $250,000 mortgage, the mortgagee could be paying approximately $225 more per year.

With a market filled with desirable listings, interest rates at historic lows, and a threat of rising rates, prospective buyers would benefit from getting off the fence and jumping into the present day ‘buyers’ market.

So, what are you waiting for? Click HERE to find a John R. Wood Agent today!

Click HERE to search for homes for sale in Naples, Estero, and Bonita Springs, Florida!

Looking for a property on Gulf Shore Blvd. Now is a GREAT time to buy or sell in this popular area!  For properties for sale in this desirable area, days-on-market times are shrinking as the inventory continues to decline.  Buyers will benefit from prices which have remained relatively stable for the past three years, but which may be poised to begin increasing. 

Read the full report HERE!

Search for homes for sale in Naples HERE!

John R. Wood Realtors – The Symbol of Local Knowledge