August 2014

Found 9 blog entries for August 2014.

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Many people are considering whether they should rent or buy. But your monthly rent is higher than your mortgage payment if you bought a home in all of the largest metros by an average of 38%. Rents have also been rapidly rising. But if you are not worried about the cost than you should consider the wealth building factor. Homeowners net worth is over 30x greater than renters. Learn more about what were the deciding factors for people deciding whether to rent or buy.

In a recent press release, Zillow stated that the affordability of the nation’s rental inventory is currently much worse than affordability of the country’s home sale inventory. The release revealed two things:

  1. Nationally, renters signing a lease at the
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National Foreclosure Statistics Summary

Inventory is down 35% from June 2013. That is 32 consecutive months with year over year decline in foreclosure inventory. Florida is still ranked as #2 State with the Most Foreclosures.

Northeast Florida Distressed Property Summary

There are currently 681 distressed properties on the market in Northeast Florida. The average list price is $152,424. Banks are looking to move these properties fast. So we have seen a good number of these properties with a price reduction in the last 30 days. The average price reduction was 5.41% which is pretty hefty.

Luxury Distressed Property in Northeast Florida

Distressed properties do not mean non-luxury properties. The highest prices distressed home is on the

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10 Reason to Own Your Own Home

#1 Paying rent is not a good investment

#2 It motivates you to become a better citizen and engage in important civic activities

#3 You want more living space to move around

#4 It means having a good place to raise children and provide them with a good education

#5 It provides a good financial opportunity

#6 You can select a community where people share your values

#7 It's a symbol of success and achievement

#8 You start building family wealth

#9 It's investing in your retirement

#10 Owning a home provides tax benefits

Learn more about buying a home by clicking here.

Credits: Keeping Matters Currents

The Phyllis Frankel Realty Group specializes in waterfront and luxury property. The realtors have been in

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june2013-42_400Not only do you get a loan with just 3.5% down but you will also be able to save around $10,000 over the life of the loan if you attend classes from the Homeowners Armed with Knowledge (HAWK) program before shopping for your home.

But that is not all!

2 years with no deliquent payments means another 15 basis-point reduction.

 

 

How does this work?

Home Buyers must take the class before signing a purchase contract for real estate. Additional classes will be needed before completing the sale. The actual savings will be in "50 basis-point reduction in upfront mortgage insurance and a 10 basis-point reduction in the annual premium cost. Upfront mortgage insurance premiums are 1.75% of the total loan amount, while annual monthly premium

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Mortgages: Different Types Available

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Financing is available at all different price points and down payments for your home search. VA & USDA allow for 0% financing but have additional fees and you have to qualify for. FHA loans can be used for a wide variety of products and require just 3.5% down but have additional fees. For the rest you have conforming and jumbo loans that require for the most part 10% down but there are some 5% down conforming loans out there.

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In the past if the surviving spouse was not on the mortgage then they could face foreclosure in the event of a reverse mortgage. Effective Aug 4th that will no longer happen as long as the surviving spouse continue payments of taxes and insurance. This is a result of the AARP lawsuite versus HUD.

A reverse mortgage is for 62 years old+ homeowners who have significant equity in their home who wish to take that equity out without being responsible for monthly mortgage payments.

Learn more about the decision here.

So if you are considering a 55+ community or retirement home in our area then things just got better for you. Please contact us to help in your home search.

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The Jacksonville Business Journal reports AV Homes has just bought 80 acres near the St. Johns Center. AV Homes is a developer of 55+ communities in the Orlando and Port St Lucie area. They are expecting to have this community up and going by 1st Quarter of 2015.

The reason for the purchase? The Florida division president, David Smith is quoted saying "The move is congruent with the city's stead popluation growth and strong home sales."

Jacksonville has always had a limited number of 55+ Communities for those wanting to own and not rent.

  • Sweetwater by Delwebb (Duval County)
  • Riverwood by Delwebb (St. Johns County)
  • Cascades (St. Johns County)

So I am sure the Jacksonville population will be happy to have another

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bigger_is_not_always_better_400When you put your home on the market the key to selling your home is to work with your Realtor in a true partnership. What this means is you need to have open discussions with your realtor regarding their advice and the selling process. What you as a seller may consider as unimportant or not neccessary may be imperative to getting your home sold.

Take into consideration the following issues you may come across in selling your home:

1. Objecting to staging, updating or improving your home if suggested by your Realtor. Your Realtor isn't just suggesting this to get you to spend money. Your Realtor has seen your competition and what has sold. They know what a buyer is looking for in this market and what can be done to put your home more in line with that

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UPDATE: The Phyllis Frankel Realty Group Inc will now credit you the buyer $1,000 at closing of any home purchased over $250,000 when Phyllis Frankel Realty Group Inc is the selling agent. You must mention this blog post and coupon code: 1KCF

Home Search Links to get started:

New Construction Search

Property Search

Condo Search

 

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This special is only available through the Phyllis Frankel Realty Group Inc. Phyllis Frankel Realty Group must be the selling agent on contract in order to earn the $1,000.


This incentive is only available on certain quick delivery homes from Mattamy Homes.

A selection of the available homes include the following:

A 3,288sf home on lot 163 in Rivertown. Known as the "The Zinnia C" floorplan. $329,900.
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