How Is The New York Real Estate Market These Days?

www.corcoran.com Lockhart Steele, President & Publisher of The Curbed Network, chats with Corcoran CEO Pamela Liebman about the current strength of the New York housing market. Do prices truly have nowhere to go but up?

Home Selling Tips For Open Houses

Open houses provide an opportunity for both the buyer and the seller to accomplish their goals. The seller of course gets the chance to show off their home, while the buyer gets an opportunity to actually see the home in its best light. There are lots of open houses every week in almost any neighborhood in the country, and the main reason is that they work very well for both buyers and sellers.

If you're trying to sell your house, there are some things that you can do to help make sure that your home makes the best appearance possible for your visitors. The very first and foremost task is to give your home a good, thorough cleaning. If you want to leave an outstanding impression on the minds of your prospective home buyers, then you must make your home appear outstanding as well. If for any reason you don't have the time to do such a thorough cleaning job, then investing in a house cleaning service will be money that is well spent.

An enemy of successful open house showings is any foul or mysterious odor in the home. The sense of smell is very powerful, and it can have a direct effect on our emotions, both for good and bad. If there are foul odors in your home, most likely very few of the other positive aspects of your house will be remembered more than the negative memory of the odor. So enlist the help of someone who doesn't already live in your home to help you identify any foul odors, and then get rid of them as soon as possible.

When showing the inside of the house try to keep the appearance as uncluttered and clean as possible. If there isn't a good reason for something being out in the open, store it and get it out of sight. If some of your rooms are small, remove any nonessential furniture to help them appear larger and more inviting. And if you have children, ask for their help to keep their toys and belongings stored neatly away.

Now is a good time also to take a fresh look at the walls in your home. Are there any areas where the paint is chipping, or are the colors outdated? Giving your walls a fresh coat of paint is a very cheap and easy way to brighten up the appearance of almost any home quickly and easily.

Other ways to liven up the appearance of your home and set a warm, inviting atmosphere is to bring in flowers and place them around in strategic locations. Or perhaps make some bread or cookies and let that wonderful smell permeate the entire house. The use of music can be very beneficial too as long as it is kept quietly playing in the background. Classical or jazz music are good choices that appeal to a lot of people. Basically, try to think of your open house as showtime for your home, and then set the stage accordingly so that it makes for a pleasing, inviting experience.

Of course, open houses are usually arranged most often for a specific period of time on certain days. But you'll also no doubt receive requests for showings at odd times as well. These requests may be inconvenient, but they often also turn into offers to buy your home. So you need to try to be as flexible as possible and accommodating for the varied schedules of your visitors in order to get the best results.

Finally, if you remain at home while others come through to view it, resist the temptation to follow them around and sell them on all of its features. You may want to point out a few outstanding areas at first, but most people will feel pressured if you don't allow them some space of their own. Of course, always be available to answer questions that may come up.

Hopefully, these tips and suggestions on how to get the most out of your open house will help you make the best impression on prospective home buyers, allowing you to sell your home quickly and for more money.

Refinance Mortgage Information

(Best Syndication) This video will explore the option of refinancing a loan as opposed to taking out a second mortgage. When you refinance a mortgage you are taking out a secured loan that will replace your existing mortgage. As the numbers of foreclosures increase around the country, it...

Vera L. Koon-Real Estate.mov

Superb Real Estate Agent serving Brevard County, Florida

The Holy Land Experience Religious Theme Park in Orlando, FL

The Holy Land Experience in Orlando, FL showcases architectural recreations of Jerusalem, beautiful and serene landscaping, historical exhibits and live religious shows, including the popular Passion drama which reenacts the crucifixion and resurrection of Jesus Christ. It is a theme park like no other. Read all about The Holy Land Experience in Volume 2, Issue 3 of Orlando Attractions Magazine, available at www.attractionsmagazine.com Video shot/edited by Ricky Brigante.

Be Mesmerized by Belleair Florida Real Estate

Belleair Florida is a sophisticated city that portrays class and elegance. The homes in Belleair range from stunning mansions on the water, to older homes near downtown Clearwater. Many of these homes have undergone extreme renovations replenishing the charm and beauty these older homes convey. Hardwood floors, architecture and larger rooms are just a few of the features you will see in these homes. They are the type of homes you drive by and dream of living in! Shaded trees, large palm trees, and brick streets are prevalent in the downtown area. The beach is within walking distance to most neighborhoods in Belleair. Belleair truly is a gorgeous place to live!

There are many great dining options in this city. E&E Steakout Grill and Bonefish Grill are exceptional steak and seafood establishments. Their superb chefs cook up delicious entrees and nightly specials. There are also many chain restaurants in this area, as well as boutique and antique stores. Uncover an old treasure that will add that extra appeal to your home.

The tropical Belleair Beach is a tranquil setting to enjoy a walk by the water, relax in the sunshine, or dine at a seaside restaurant. This shoreline is much less congested than nearby beaches and provides residents and visitors a place to get away from it all. But if you want a night on the town or a little more excitement, Clearwater Beach offers live entertainment and nightlife and is just a few miles from Belleair. If you are looking for a captivating place to call home or a new vacation spot, check out all that Belleair has to offer.

Estoppel Certificates

Estoppel, to the non-initiated, sounds more like the newest toy in the Pentagon's vast array of secret weaponry and armaments, something that belongs more to Area 51 than the real estate world, or perhaps the latest scandal to permeate Capitol Hill. "CIA's Probe Leak: The New Martin Lochheed F-22 Supersonic Estoppel!", one might envision reading one day in the front page of USA Today. But readers of my Articles know better ...

In Real Estate, an "Estoppel Certificate" is a document signed by the Seller, under oath, confirming the representations made by the Seller in the Contract of Purchase and Sale. The reasons for the Buyer to request an Estoppel Certificate are twofold. First, to confirm the Seller's representations as stated above and, secondly, to bar and prevent the Seller from later on asserting a fact, that is inconsistent with the terms of the Contract.

For instance, when purchasing a rental property - whether a house or an apartment building - an investor might want to insert the following two conditions precedent ('subject to' clauses). The first might read:

"Subject to the Buyer by ( insert date ) reviewing and approving the Residential Tenancy Agreement(s) presently in effect and covering the property herein bought and sold. Seller warrants that the term(s) of the tenancy is/are for a period of ( insert length of tenancy ), the monthly rent(s) is/are ( insert amount ) and that the last rental increase was on ( insert date )".

What happens if, by the time all the subjects are removed (and the property is virtually sold) and the time the investor completes the transaction, the tenant is run over by a bus and dies? In some instances the market value of the subject property may be altered, as in the case of an investor purchasing a professional building. This is where an Estoppel Certificate fits in.

The second clause might read:

"Subject to the Buyer, after all the other subjects herein are removed but in no event before two weeks (or any other time) prior to completion and no later than one week (or any other time) prior to completion, receiving, perusing and approving an Estoppel Certificate ratified by Seller covering the existence and confirming the validity at law of the subject matter and terms of the tenancies herein. Failure by the Seller to provide such Estoppel Certificate in the aforesaid time-frame will render this Contract null and void, and all deposit monies until then paid by Buyer will be refunded to Buyer forthwith with interest accrued thereon, if any there be".

The reason for Estoppel Certificates to exist in Real Estate is to be found in the equitable Doctrine Of The Promissory Estoppel. Under this doctrine, one party is barred and prevented from withdrawing a promise made to another party, if the latter has relied on that promise and acted upon it. All the more so, since contracts in real estate are made 'under seal' (deeds) and, as such, the rule of evidence arising from the special status of a deed is that the parties are expected to take greater care to verify the contents of the agreement and their validity at law, before consummating it.

The American Law Institute goes one step further by discerning between equitable and promissory estoppel in its Restatements of Contracts as follows:

"Equitable estoppel is distinct from promissory estoppel. Promissory estoppel involves a clear and definite promise, while equitable estoppel involves only representations and inducements. The representations at issue in promissory estoppel go to future intent, while equitable estoppel involves statement of past or present fact. It is also said that equitable estoppel lies in tort, while promissory estoppel lies in contract. The major distinction between equitable estoppel and promissory estoppel is that the former is available only as a defense, while promissory estoppel can be used as the basis of a cause of action for damages. The American Law Institute's website can be found at http://www.ali.org.

All the foregoing simply goes to prove, once again, that the discipline of real estate wheeling and dealing is littered with rubbish all the way - until such time as a contract is entered into and ratified by the parties, at which time Real Estate suddenly becomes all too deadly serious.

Luigi Frascati

Miramar Beach Real Estate Amalfi Coast Condominiums

www.melissaclements.com presents the Luxury Miramar Beach real estate Gulf Front Condominium development of AMALFI COAST, nestled between Destin, Florida and Sandestin. Stunning views and convenient walk-on access to the Gulf of Mexico - enjoy sugar-white sand beaches with crystal clear, emerald green tropical surf. Melissa Clements & Associates has units available now that are priced to sell. For more information on these or any other real estate in Destin, Miramar Beach, Panama City Beach, or anywhere along Scenic Highway 30-A, contact the Melissa Clements & Assoc. Team.

How to Buy a Condominium in Today's Real Estate Market

Buying real estate is one of the most important moves you can make toward your personal financial success. Owning your own property comes with many tax benefits. In good economic times, your home also increases in value year after year.

Your decision to purchase a condominium (condo) makes good financial sense!

People who purchase a condo usually want to avoid the major upkeep and maintenance usually associated with a single family house.

Research is the key to making this purchase. Begin by examining your lifestyle and priorities. Determine what is important to you. Do you want to live in or near the city? Do you want to have a short commute to your job? Is the school system important to your family? Do you want to live in the suburbs? How many bedrooms and bathrooms do you want?

Next you will need to know how much you can afford in monthly mortgage payments. Make a budget and evaluate how you spend money. Then call a reputable mortgage company or bank. Tell them you are interested in receiving a "pre-approval." Be prepared to give them your social security number and information about your income. The representative will do a calculation and determine the amount you can pay for a condo.

Now you are ready to shop for a condo. Armed with your with your "wish list" and condo price range, begin your shopping on the Internet. Check out real estate listing sites. It may also be time to enlist the help of a real estate agent. They are trained to understand the market and they know what condos are currently or soon-to-be available for sale.

Another great shopping technique is to drive in and around the areas where you would like to live. Often Condo owners are selling their homes and have "For Sale" lawn signs in front of their properties. You can call the phone numbers and ask questions about their condos.

When you have selected potential condos to purchase, you must ask about the Homeowners Association (HOA) Fees. All condo owners must pay a monthly, quarterly or yearly fee to their associations. These groups help to maintain the property and they are paid to conduct those services. Each HOA fee varies. Some cover services such as providing landscaping, snow removal, heat and hot water. Others pay for maintaining swimming pools and other amenities.

Once you have identified the condo you wish to purchase, prepare an offer to buy the property. Your real estate agent can help you with this step. If your offer is accepted, move onto hiring an inspector to evaluate the condition of the condo. You will also want to have the condo appraised, so that you know you are paying the right price for the property. Now is the time to hire a real estate attorney. They will help with the remaining steps, which include preparing closing documents and running a history (title search) of who has owned the property over the years.

Buying a condo will be one of the most important purchases you will make in your lifetime. It not only will be the place that you can call home, it will be your piece of the American Pie. It's a giant accomplishment that will have a lasting impact.

Home For Sale,1694 Palace Drive, Clearwater, Florida $285000

This spacious three bedroom three bathroom single family home is located in the quaint neighborhood of Woodridge Estates in Clearwater, Florida. Situated on a corner lot, this single story home features beautiful details throughout including new custom oak cabinetry in the kitchen and dining room, ceramic tile and new bamboo flooring, and French doors that lead to a separate den. An open foyer leads to the large living room and separate den. The spacious kitchen has been upgraded with all new Kenmore appliances including refrigerator, dishwasher, microwave, and range. Accessible from the kitchen is the large dinning room with built-in computer niche and backyard access. A hall leads to two guest bedrooms, a full guest bathroom and the beautiful master suite with large closet, attached bathroom and bamboo flooring. A full laundry room is located off of the garage and features a washer, dryer, sorting table, drying shelves, additional storage, wash basin, and additional bathroom. The large fenced-in backyard is an excellent accent to this Clearwater home. Privacy fence, mature trees, tree house and low maintenance landscaping makes this yard a wonderful Florida retreat. The house also features a storage shed and private cement pad ideal for boat or RV parking. This exquisite home in Pinellas County is located outside of flood zones and includes hurricane shutters and a new Genex 18KW propane generator capable of generating two weeks of electricity for the entire house. The ...

New Treatment Program Digs Out Chronic Tension Headaches

Janet Kinne was skeptical. Dig out her chronic tension headaches?

But she was desperate. The 57-year-old St. Petersburg, Florida, resident's
headaches were so bad, on some days she could hardly walk.

"I'm a real estate agent and need to be ready for clients on a moment's notice," she
said. "The headaches and terrible neck pain were literally crippling me."

She went to her doctor, who gave her a prescription for muscle relaxants that
disoriented her.

"I couldn't drive," she said. "This was no way to live."

She decided to do an Internet search on chronic tension headaches and discovered
tensionheadaches.com.

"I immediately read the information there and recognized my symptoms," she said,
which lead her to try a holistic treatment program offered on the site, How
to Get Permanent Relief From Chronic Tension Headaches.

Program author Paul Bacho, a certified athletic trainer in Cleveland, Ohio, explained
that tight and spasmed neck, shoulder and upper back muscles often cause chronic
tension headaches.

"They restrict blood flow to the back of the head and irritate nerve endings there,"
said Bacho, 51. "It's like stepping on a turned-on garden hose."

His program involves a soft-tissue manipulation technique that calls for "digging"
into the neck, shoulders and upper back vigorously.

"If you want to get rid of chronic tension headaches, you've got to get rid of the
tightness and muscle spasms," he said. "The problem is that the spasms are all
scarred down because they are constantly tearing."

That's where his digging technique comes in.

"It breaks down that scar tissue," he said. "That allows the muscles to relax, which
makes the headaches go away."

Kinne is relaxing a lot more since utilizing Bacho's program.

"I had been plagued for months with this pain and being pain-free is so liberating,"
she said. "I feel like a new person."

Jupiter Florida Real Estate Jupiter Florida Homes For Sale

Jupiter Florida Real Estate tour created by Realtor Steven Schafer. Steve is also a real estate agent with his license hanging at www.bocaexecutiverealty.com To see listings of homes for sale in jupiter follow this link: www.bocaexecutiverealty.com

How To Find Cape Cod Real Estate

If you're considering the purchase of Cape Cod Real Estate in the near future it pays to have a real estate agent who knows the territory and can guide you into a smart purchase.

Whether you're interested in a primary or second home you should work with a qualified Cape Cod real estate broker to get all the information on the financial advantages offered by living in Cape Cod.

As for attractions the area boasts a variety of natural wonders, and guided tours or individual excursions that are sure to be enjoyed by people of all ages.

There are many sites featuring Cape Cod estate, and homes for sale, investment property, and land for sale and other real estate for sale in Cape Cod, Falmouth, Mashpee, Barnstable, Bourne, Sandwich, Wareham, and neighboring communities and are specifically designed to help you locate the property that best suits your needs.

By visiting any of these sites you can view Cape Cod homes for sale, sign up for the free property search services, get home buying advice, discover the many towns and villages, get information about local schools, and the local communities, and use financial tools.

With just a little searching you'll find Cape Cod estate properties that range from cozy cottages overlooking the Atlantic Ocean or Cape Cod Bay, to grand estates surrounded by beautiful gardens within a few minutes walk of sandy and rocky beaches. Cape Cod real estate properties are beautiful and varied, offering you a great deal of choice when it comes to finding the perfect piece of paradise for you and your family.

Chatham is a very nice area worth considering is located on the southern most tip of the Cape Cod peninsula in Massachusetts. It's an area that is arguably the epitome of New England quaint living. Also worth noting is that since Cape Cod real estate is all about location, you can't go wrong with any of its condos.

Whatever your need the Cape Cod estate market has an abundance of great properties for sale.

JADE Ocean Penthouse Sunny Isles

JADE Ocean Penthouse. 'The' Trophy Property of Sunny Isles Beach is found at JADE Ocean Sunny Isles... JadeCondosSunnyIsles.com for weekly updates and new properties.

How to Go For a Real Estate Search

Whether you are up to buying a property for residential or commercial purpose, the task is always challenging. Even if you are a veteran in property transaction, your job would not be easy at all. In most cases, property deals are taken up with the aid of professional help. To ease out your task of property purchase, the following check list would help you to a great extent during the real estate search.

As a buyer you are recommended to study the general market trends. This would help you to get a clear idea of the prevalent prices of the units similar to the one you intend to buy.
From the seller get the photocopies of all the deeds of the property. You are advised to get in touch with a good advocate to receive some legal opinion. Ascertain few important details like survey number, registration district of the property, village and such that are required during the registration for sale. Make sure that all the encumbrances and loans taken on the property are met. In fact, the title of the vendor should be clear and ready to be marketed.
Check the approved plan. Many properties are built in deviation of the approved plan. So, before buying always check out the number of floors and the square footage mentioned in the approved plan.
You should also take notice of the clearances provided by the municipality, pollution, water, electricity and lift authorities along with fire and occupancy certificates.
Make yourself aware of building by-laws of the area in order to verify infringements with respect to setback, side setback, height, square-footage and such.
Find out the total amount you have to arrange as you have to bear many hidden duties like transfer fees, registration charges, stamp duties, other outgoings like the property tax, water, electricity charges, society charges, maintenance charges and other such.
After you have made the payments you may, get the legal possession of the property along with original documents of the title from the property vendor.
Put your name as the name of property holder in the records of the society, electricity company, municipal corporation, Index II and such.
To make the real estate search more accurate,check the plumbing systems, water faucets, drainage and sanitary fittings.
Inspect the electrical systems, the circuit breakers, capacity of the electric meter, wires, functioning of light fittings and such.
Check the paint work of the ceilings, roofs, walls, and such.
Have a look at the foundation, basement and visible structures.
Above all, ensure the structural stability of the building.

For a successful real estate search appoint a good realty agent, one who knows in and out of the real estate market trend. A good real estate investment churns good profit.

Keller Williams Tampa Central

A look at the most beautiful Keller Williams Realty Office in Florida. This Keller Williams Realty office is located in the Channel District of Tampa. Named Keller Williams Tampa Central because it is centrally located in Tampa, Fl. Just minutes from Channelside.

Bonita Springs Real Estate in Lighthouse Bay

Lighthouse Bay community featuring villas, condos and coach homes located in Bonita Spings Floirda. Great ameniites center with lap pool, waterfalls pool, fitness center and more.

FOR SALE: Deerwood Country Club, Jacksonville FL 32256

Price Range: $450000 - $475000. Marketed by Sandi Gilbo, Watson Realty Corp. You know that this is an extra-special home from the moment you see it on spacious land, surrounded and nestled amongst the trees, with the large pillared front porch. As you enter the glassed, French front doors, you are welcomed into the foyer and with the open floor plan, you can see the living room, bonus/sun-room and formal dining room (12 X 115). From the upgraded tile floors (the only carpet flooring is in the master suite and the two front bedrooms) to the soaring, volumed ceilings throughout the living areas, this home is perfect for entertaining or as your personal haven. The upper windows let lots of light in, but seller says the utility bills are quite low because of all the shade trees & energy efficiency of the home the best of all worlds./// LOT (150 x 156 x 112 x 251 x 88) Please see attached survey for metes & bounds description and measurements. The asphalt drive and wood gate is on the property lots of parking space. There is a dried creek that divides the back yard the potential for uses of the enormous area is endless. As you sit on the wood deck, you can enjoy the peace and serenity of the natural setting./// FLEXIBLE ROOMS What we are calling the bonus or sun-room (119 X 144) could also be a music room, game room (as it is now, with the pool table), sitting room or library./// The 4th bedroom (142 X 104), located between the kitchen and garage was originally constructed as ...

Tips on How to Become a Real Estate Developer

If you're interested in learning how to become a real estate developer, you're not alone. This field has been so hot over the past few decades that even some of America's most notable universities have begun to offer master's degrees pertaining to it. From Columbia and Emory to the University of Michigan, real estate development has garnered its own school of learning.

Getting into this field in today's market can be a little tricky, but it is still attainable. A lot will depend on where exactly you would like to work in real estate development. An actual developer is a person or entity that buys real estate with the idea of adding value to it prior to a sale or lease. This means not only finding and holding land, but also overseeing the construction of buildings on the property.

While many people learn to become real estate developers, few actually front the cash behind the buys. They, instead, work for firms that do. If this appeals to you, these tips can help you break into the field:

Examine your interests closely - Real estate developers actually have a need for a variety of specialties. Not only are skilled buyers required, but so too are those who represent a host of other trades. A development firm, for example, will also require the services of accountants, clerical workers, geologists, lawyers, negotiators, architects and so on. Sometimes a real estate developer directly hires people from these professions to work on personal staff. In other cases, they receive subcontract work. Considering the variety of jobs available that are related to real estate development, it pays to examine your interests and pursue the area that best fits your skill set.
Pursue the proper training - If you want to be the man or woman who actually finds and buys real estate for commercial, residential or industrial development, you might want to consider a bachelor's or master's degree in the field. Related field degrees are also useful.
Get financial backing - If it's your notion to become a developer personally, you will need financial backing to do so. If you're independently wealthy, you're on the right path. Otherwise, you will need investors or bank backing.
Seek out jobs - Should it be your desire to learn how to become a real estate developer and work for others, you'll need to scour the market for jobs. Look online and in trade publications for the most updated listings.

Miami Condos.. Miami-NE The Bay & Brickell Area Condos

We specialize in working with international investors that are buying real estate in south florida. Wynwood, Edgewater, Brickell Island and South Beach

Should I Buy A Foreclosure? Part 1

David Dettmann answers your questions about Foreclosures, Short Sales, REO's, Corporate Owned properties, and when the best time to buy is. Part 1 of 4. David Dettmann is a real estate trainer & coach, an author, and a licensed practicing salesperson with Coldwell Banker Residential Real Estate in Cape Coral, Florida. He is also President & CEO of "Real Estate Agents EDGE", a tough market training program for real estate agents. You can reach Dave at: drtime@embarqmail.com; PH. 239-728-4016

Real Estate Postcards: Should I Outsource

About This Article

The following question comes from a real estate postcard survey I emailed to more than 3,000 agents and brokers. From hundreds of responses, I compiled a list of the most commonly asked questions about real estate postcards. This is one of those questions.

Question:

Should I handle postcard marketing myself or outsource it?

Answer:

A postcard marketing company can make your life easier. There's no doubt about that. I know this for a fact, because I've worked for two of them. But you shouldn't let a vendor run every aspect of your postcard marketing program. Such vendors are expert at handling the logistics of printing and mailing. But it's unlikely they are real estate marketing experts as well.

My recommendation: Trust postcard vendors with the logistics of printing and mailing, but develop the strategy and message for yourself.

Postcard marketing vendors have highly efficient workflows in place. This lets them print your postcards faster and with better quality than if you did it yourself. So even if the vendor imposes a profit markup (which they obviously do), your total costs could still be similar to a do-it-yourself program -- only with a lot less hassle in your life!

Here's a story you'll enjoy...

In 2004 I attended the REALTORS® Conference & Expo in Orlando, Florida. I was there to represent a postcard printing company I worked for at the time. I spoke to a lot of agents who, up to that point, had been doing their own postcard marketing. I asked how they went about it, and I inevitably got a long story full of headache and hassle.

Then I would show them a "jumbo" sized glossy postcard in full color, and I'd say, "What if you could send these for about 50 cents per postcard ... and have someone else do the printing and mailing for you?" Their responses were a collection of "Seriously?" ... "You're kidding me!" ... "And I've been doing it myself all this time?"

The moral of this story -- don't assume the professional vendor path is out of reach. Check out the pricing (and what you get for the pricing) at a professional postcard company, and the idea of outsourcing will start looking really good. And you can't put a price on the time you'll save! But remember, outsource the logistics, not the strategy.

Good luck with your real estate marketing!

* Copyright 2007, Brandon Cornett. You may republish this article online if you retain the author's byline and the active hyperlinks below.

SharePoint - Real Estate - Espanol

This video demonstrates the power of SharePoint for a small business, in this case a Real Estate agency. This video is in spanish

Trinity Florida is a Great Family Oriented Community

When parents begin looking for a new home, they generally look at more than just the structure of the house. They take a large interest in the surrounding community. What schools will your child attend? Are there athletic or other activities for my child to participate in? Are there things our family can do together near our home? Residents of Trinity asked themselves the same questions, and found that Trinity is the perfect place for families!

Trinity was designed with families in mind. The developers made everyday conveniences within the walls of this community. There are four schools ranging from Elementary to High School that provide an excellent place to learn and grow. There is also a childcare facility for those children who are too young for school or need after hours care.

To keep your family active, Trinity offers numerous community parks and playgrounds, an 18 hole golf course, and the YMCA of Trinity. This state of the art facility has a swimming pool, strength and fitness center, basketball courts and youth gym. Your entire family can stay in shape in one place.

For busy parents who will inevitably need to run everyday errands such as grocery shopping, the pharmacy, banking and more, Trinity meets those needs as well. There are numerous shopping, dining and even healthcare facilities in your own backyard. You won't have to drive all around town to take care of your families needs.

Trinity is full of residents just like you. People who want a safe, attractive and friendly place to raise a family. A place you will feel proud to call home, and feel excited about letting your children laugh and play in their own front yard. If you are relocating to Florida are are looking for a great place to live and raise a family, don't just take our word for it, check out Trinity yourself.

Homes Are Affordable; Should You Buy? Rent? Do Home Prices Need to Fall Further?

I thought I would end the week by giving everyone something to dwell on and contemplate over the weekend.  Actually, I set out this morning to do a post about the National Association of REALTORS(R) (NAR) Housing Affordability Index for February which was recently published.  As I was reviewing the data in the report I started giving "affordability" a lot of thought, went down a few rabbit trails, did a few hours of research and ended up with an analysis of home affordability.

The NAR Report:

Since this was the initial topic I thought I should say a little about it.  The NAR Housing Affordability Index for February was at 176.0 meaning that a median-income family has 176 percent of the income they need to purchase a median-priced house, which is good.  This is down slightly from January's index of 177.5 but is still a vast improvement from a couple of years ago when it was 115.4 in 2007 (the higher the number the better).

This is where I started digging in a little though.  There are several factors that play a role in the index: median home prices, mortgage rate and median family income.  Since 2007 median family income has dropped about 1 percent which has very little affect on affordability however interest rates have dropped from 6.52% in 2007 to 5.13% in February, a decline of over 21% and home prices have fallen almost 25% during the same period so it's not surprising that homes are more affordable, particularly since the index uses the house payment to determine affordability.

Low interest rates - how much of a factor?

The NAR index is based upon a monthly payment of $1,104 on a median priced home in 2007 and a payment of $716 on a median-priced home in February 2010; a decrease of $388 in payment over the period.  So how much of a role did interest rates play in the decrease?  Well, lets put it this way; if in 2007 the rates were 5.13% as they were in February the payment on a median priced home would have been $950, $154 less than it was.  And, if interest rates now were 6.52 like they were in 2007 then the payment on a median priced home would be $833.  So if we take do an apples to apples comparison with regard to interest rates, then the lower home prices have resulted in a monthly savings of $117 instead of $388.  Hmm...

In the chart to the right you can see mortgage interest rates for the past 20 years and can see just how low rates are today, about half of what they were 20 years ago.  The median interest rate for the 20-year period of 1989 - 2009 is 7.31% which should remind us that rates will most likely not stay as low as they are now.

So what happens if interest rates go up, say back to the 20-year median rate of 7.31%?  Well, going back to NAR's affordability index, if we apply that rate to the current median home price used in the index the payment goes from $716 to $902, an increase of $186, or 26% which I would say is significant and would chop NAR's affordability index down a chunk.

Here's the scary part:  home affordability is not far off an all time high and we have incentives such as home buyer tax credits, and yet home sales are dragging along at depressed levels which tells me we can't afford to have housing affordability go the other direction.

If interest rates increase how much would home prices have to fall to keep affordability the same?

OK, let's say, that in spite of what the government is telling us, interest rates go up, maybe even up to the 20-year median rate of 7.31%, what would have to happen to prices to keep affordability the same?  Well, assuming the median family income stays the same, the median home price would have to drop from the February price of $164,300 to $130,418, a drop of almost 21%, in order to maintain housing affordability where it is now.  Make a mental note of that price drop and read on please.

Relationship between rent and home prices

As home prices shot up during the boom one thing that hit me was that rental and lease rates on homes were not increasing at nearly the same rate and prices on rental property seemed to be way out of whack with the income.  Last year I wrote a post and told a story of my wife and I searching for a condo in Florida in 2003 to buy for a vacation rental and finding that the relationship between the prices and the income was nuts....it made no sense at all what people were paying.  Since then I have seen several articles by people much smarter than me that have discussed the relationship between the "rental value" of a home and it's sales price and when this gets too out of whack something breaks....home prices.

During the boom this was clearly evident...One example I remember is there was a developer in Clayton, an eclectic, upscale neighborhood in St. Louis, MO, that built a wonderful new home in a transitional neighborhood and offered it for sale at $1.6 million.  The house was well worth the money but, since this was a "tear-down" in an older neighborhood of much more modest homes, the price was significantly higher than the neighboring homes.  Long story short, the builder couldn't sell it, so he offered it for lease, first for around $5,000 a month, then later $3,500 and leased it.  I remember doing the numbers then and thinking what a bargain leasing the home would be versus owning it.  If you bought the home at the time, put 20% down ($320,000) you would have a payment of $7,567 plus taxes and insurance, so probably around $9,000 a month by the time you were done.  Or, you could put down a security deposit of $3,500 and lease it for $3,500 a month.  The lease route saved you $316,500 in cash up front and about $5,500 a month versus buying the home which made me realize either rents were way too low or prices too high...reality is it was probably a little of both.

I decided to take a look at the relationship between median rental rates and median home prices over the past 20 years to see if this data might help me understand where things stand.

Playing economist I developed a price/rent ratio based upon median home prices' relationship to median annual rental rates.  As you can see in the chart to the right, this ratio was in the 13 to 14 range from 1989 through 1995 then inched up to the 15 to 16 range until 2005 when it shot up into the mid-20's and then settled at 18.47 in 2009.

Home prices are still too high

The chart below shows my price/rent ratio over a 20 year period and shows the median for the period in red.  From about 1996 until late 2003 the ratio was right at the median and I think there was a balance between rent and home prices.  However, in 2004 home prices shot up and, even though, as the chart shows, started a decent in 2007, are still above the median range indicating to me that home prices are still too high.  For 2009 the median home sales price (based upon census data) was $156,900 but in order to bring the price/rent ratio back in line with the "normal" period of '96 through '03, the median home price would need to be around $134,842, a decline of another 14 percent or so.

The American Dream

Home ownership has, for as long as I can remember, been referred to as "the American dream" while at the same time renting or leasing a home has, by many people, been looked upon as a last resort or something not for them.  Well, guess what?  Times are changing!  I should stop now and interject the fact that I am a REALTOR(R) and very much want people to buy homes, but the honest truth is that may not be the best alternative for everyone at this time.  Our country is at a very volatile point in many regards and we have experienced the worst economy since the great depression....these are not normal times.

While, short of God, no one can, with certainty, say what is going to happen to home prices over the next decade, I think it is safe to say that any appreciation we may see will be modest until our economy is back on track which may be some time.  In the meantime I wonder if leasing a home may become a more popular option for people, even prior homeowners, that don't want to risk the financial anguish and pain they may have felt over the past couple of years again, and may instead choose to look at providing shelter for their family from more of a business standpoint....in other words, where will they get the most bang for their buck...owning or renting?

House Prices Fall - How Low Will They Go?

Despite the difficulty in market forecasting, many who have examined the residential real estate market point to continued declines through 2009 and beyond. The most likely scenario has resale residential real estate markets bottoming in 2011 at prices 30% off the peak nationally.

All methods of predicting future price action rely on the same basic premise: prices are tethered to some fundamental value, and although prices may deviate from this value for extended periods of time, prices eventually return to fundamental valuations. This premise has been reinforced by market observation; in fact, many estimates of fundamental value are based on market action. Since many market participants believe in buying and selling based on fundamental values, there is also an element of self-fulfilling prophecy contained therein.

The efficient markets theory is based on this idea, and although the behavioral finance theory is needed to explain the wide deviations from fundamentals real-world prices exhibit, both theories share the same notion of an underlying fundamental valuation on which prices are ultimately based. The challenge to market prognosticators is to select a fundamental valuation to which prices will return, and then extrapolate a period of time in which the return of prices to fundamental valuation will take place.

There are a number of ways to project how far and how fast prices will fall. One is to look at the price charts themselves and try to project reasonable trend lines to approximate bottoming valuations. This is not an accurate methodology as it is based on the assumption of a repetition of past performance without examining the reasons for this past performance; however, it does serve as a useful rough estimate.

A more accurate and detailed method is to examine the variables that determine market pricing and see how changes in these variables impact resale values. This process involves assessing current fundamental values to make a statement as to where prices should be, and would have been if there had not been a residential real estate bubble, then estimating how long it will take for these variables to return to their historic norms.

There are a number of exogenous forces that act on market pricing in an indirect manner. These include debt-to-income ratios, availability of credit and changes in loan terms, mortgage interest rates, unemployment rates, foreclosure rates, home ownership rates, possible government intervention in the markets, and other factors. These forces do not directly impact house prices as changes in these variables do not have strong correlation with house prices; however, these variables can and do impact the variables that do correspond with house prices, therefore an evaluation is provided of the role these factors play in market pricing.

The timing of the decline is the most difficult parameter to evaluate and estimate. House prices are notoriously "sticky" during price declines because sellers are loath to sell at a loss. The timing of a decline is impacted both by psychological and technical factors. The motivations of sellers based on their personal circumstances and emotional states will determine if there is a heightened sense of urgency to sell which would push prices down quickly.

During the price correction of the coastal bubble of the early 90s, prices declined very slowly as unmotivated sellers held on and waited for prices to come back. The market experienced denial and fear, but there was not a stage of capitulatory selling that drove prices down quickly as is typical in the deflation of a speculative bubble.

The primary technical factor impacting the rate of price decline is the presence of foreclosures and real estate owned (REO). REOs are a form of must-sell inventory (as are new homes). If there is more inventory of the must-sell variety than the market can absorb, prices are pushed lower. The more of this must-sell inventory there is on the market, the faster prices decline. If the pattern of the early 90s is repeated, the price decline of the Great Housing Bubble may drag out slowly while fundamentals catch up to market pricing. In fact, this probably what will occur on the national market unless the foreclosure numbers and resultant REOs overwhelm market buyers.

In the extreme bubble markets like Irvine, California, the combination of high foreclosure rates and general market panic will likely push prices lower much more quickly. Even though the percentage decline in house prices is projected to be double the decline witnessed in the coastal bubble of the early 90s, the duration of the decline may be similar as capitulatory selling pushes prices lower at a faster rate.

Real estate market prices are difficult to measure accurately. By most estimates, prices will continue to drop at least through 2009, and most likely through 2011. Nationally, prices will drop around 30%, and in certain extreme coastal markets, prices will drop up to 50%.

Market Report - Selling In A Declining Market

Attention sellers, we are currently in a declining market. If you are serious about selling your home then it is critical that your Realtor understands the dynamic between the market trend and your home's value. Let me explain. The longer your home is on the market the lower the market value. In order to sell your home as quickly and profitably as possible, you must get ahead of the trend. The 6-month trend for Boston Single Family homes is a 7.79% decline in values and a 36% decline in volume. This is based on the median sales price in Boston from May 2007 to October 2007. This gives us an average monthly decline is 1.3% in value. If you are serious about selling your home then you should seriously consider reducing the price by 1.5% - 2% to get ahead of the negative trend. It may be painful to consider but it will save you money and time in the long run. Also, make sure that your home is accurately valued before your Realtor reduces the price. If you reduce the value by 2% and it wasn't priced appropriately, your home will not sell.

Another option would be to wait 5-6 months for the spring market. If you opt for the spring market then I would recommend that you take your home off MLS by the end of December and Re-list it at the beginning of March, and here is why. Many agents are reluctant to show properties that have been on the market for over 150 days. This is because they feel that if the home hasn't sold after 150 days of showings at the same listing price then it is unlikely that their clients will be any more impressed than the other prospective buyers. Unless there is a significant price decline, homes that linger on the market attract very little attention.

Other factors to consider when selling your home are the overall condition, paint colors, furniture arrangement and minor (do it your self) projects. Many sellers just list their homes and do not consider any repairs. A good question to ask yourself is "What can I do to enhance the appearance of my home?" You will be surprised at how many ideas you will come up with and many of the updates are easy enough for you to do them on your own.

Here are some tips for sprucing up your living space

1. Paint - Look for opportunities to brighten your homes appearance with paint. Lighter colors make a living space feel larger and more spacious

2. Furniture - Furniture placement is critical in selling your home. When it comes to furniture less is better. It is always best to arrange your furniture in a manner the opens the room up. Try to place the furniture against the walls or close to the walls. Cluttered rooms are unattractive and send potential buyers out the door faster than you can say HELLO.

3. Be sure to remove any family pictures from the walls and common areas. Pictures have a way of taking the buyers focus away from the home and focusing them on your photos. If the buyer has seen a lot of homes that day, they will remember the pictures and may forget which home was yours. The less they have to think about the Better

4. Make sure you are working with a real estate professional that understands the market and knows how to help you maximize your homes value in a declining market.

5. And lastly, any improvements are better than no improvements. Just do something, even if it is as simple as painting 1 or 2 rooms. Every little bit helps.

Florida Keys House for Sale by Owner

Beautiful Duck Key (Hawks Cay) Real Estate $549900 just north of Marathon, bright, spacious 2 level, large eat-in kitchen, enclosed garage, screened porches, dumbwaiter, pantry. 2 BR, 2 Bath (with room for 3rd BR in Entertainment Loft on upper floor) built in 2001, less than 6 hours drive from Cocoa Beach. 60+ miles to Key West! Low insurance cost due to construction. Call Donna for more details 305-289-4874 phone or 305-360-2522 Photo Show by ClaudiaDavis.net