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Archive for the 'Selling' Category
The National Association of Realtors Rallies Congress on Real Estate Issues
Today the National Association of Realtors will be in Washington DC to address several real estate issues that Congress is contemplating to address the federal deficit. Some of the issues being addressed include:
- Mortgage Interest Deduction: long enjoyed by homeowners, this deduction has been recommeded to be eliminated as part of large tax reform proposal
- Capital Gains – Exclusion on Sale of Residence: reducing or limiting the capital gains exemption ($250,000/$500,000) on the sale of a home is also being discussed.
- Property Tax Deduction: possibilty that current deduction would be reduced or eliminated.
NAR is tackling other issues as well via their 2012 Federal Public Policy Priorities.
Miami Real Estate: Prices on the Rise
Miami and Phoenix are seeing a rise in asking prices, based on a Trulia Price Monitor Report. There are still a lot of good buys out there, but many buyers are frustrated when a new property comes on the market and goes under contract almost immediately. Decreasing inventory and aggressive pricing by listing agents, mean you have to act fast if you are serious about making a purchase. If the property is priced right, don’t try to negotiate it down too much, if at all. I listed two properties last week that both had multiple offers within the first two days. The first property had all offers at asking price and we went to a multiple offer situation where we asked for highest and best. Total time on market was 6 days.
The second property had several offers on the second day. One agent had his buyer offer slightly over asking and put down 10% as an initial deposit, upon acceptance. The seller accepted his offer. Two days later, a higher offer came in from a buyer who was desperate because she had just lost out on a short sale and needs to move fast.
If you are a buyer, be ready to put your best offer forward early on. If you are a seller and get multiple offers, don’t second guess your pricing or hold out for something even better. The reality is that you get the most activity on a listing when it first goes on the market. The longer you wait, the less you are likely to get.
Pet Friendly Buildings on Brickell
Luckily for pet lovers living in or moving to Miami, there are more buildings than ever that allow pets. Most of them do have restrictions and sometimes buildings go from pet friendly to not, so make sure to double check with the association before you buy or rent. Most only allow one pet per unit
Under 20 pounds
500 Brickell
Solaris
Fortune House
Sail
Brickell on the River
One Broadway
Under 30 pounds
Axis
One Broadway
Under 50 pounds
The Mark
No weight limit
The Plaza – allows 2 pets per unit
Riviera Drive Gets A Facelift
I drive Riviera every day on my way to and from work and love all of the renovations that have been going on on that street between Hardee and U.S.1.
Whether on a waterfront lot, like the house below, or a dry lot, over 6 homes have recently had major remodeling done.
I love the new look!
Miami Real Estate: Positive News Locally Bucks National Housing News
Several articles in newspapers this week plus the Case Schiller index, help to illustrate the importance of remembering that real estate is local. Just because national housing news is negative, does not mean that is the case in Miami!
Miami real estate prices appear to be stabilizing and in some areas are actually starting to creep up.
Miami Real Estate Market: Active Rain Survey Shows Agents Bullish on Miami Real Estate
Active Rain’s Real Estate Recovery Survey show that agents in the Miami-Ft Lauderdale market believe the real estate market in their areas are improving. What do you think?
Data provided by ActiveRain.com. Join 215,590 Real Estate Agents on the world’s largest Real Estate Social Network.
Miami Real Estate: Sales Are Up and Inventory is Down
Home prices in Florida are up according to Florida Association of Realtors January Housing report. The same holds true for the Miami real estate market. Inventories have been decreasing steadily, as can be seen in the graph below.
Decreasing inventories & increasing pending sales
Another Amazing Week At EWM’s Coral Gables/South Miami Office
Last week we did over $21,000,000 in sales. This week was over $17,500,000 with 32 sales and only 14 new listings. Inventory in Miami-Dade is decreasing steadily, as illustrated in the graph below. Inventory is even tighter once you start looking in a specific price range and community.
Miami Real Estate Is Moving!!!
Still doubt the Miami real estate market is rebounding? EWM’s Coral Gables/South Miami office did over $21,000,000 in sales this week. We had 12 new listings and 21 sales. Inventory is decreasing and buyers are still out there in droves.
Mortgage Rates Drop to Tie All-Time Low
Money magazine reports that 30 year mortgage rates dropped to 3.94% to tie rates last hit in October. 15 year rates hit new record low. I might have refinanced a bit too early, but changing my last interest rate to a lower one saved me over $300 per month on my mortgage payment even though I went from a 30 year to a 15 year fixed!
If you haven’t done so already, refinance. If you are considering buying, historically low mortgage rates are definitely one reason why you should. Low Miami prices are another.
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