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Fannie Mae and Freddie Mac Increasing Interest Rates and Fees
Starting in March 1 for Freddie Mac and April 1 for Fannie Mae interest rates for loans over 15 years could almost double, even if you have perfect credit.
Remember, if you are a buyer the cost of owning a home is more important than the price of the home. Obviously you don’t want to overpay for a home, but by waiting for prices to “bottom out” you may be overlooking the most important part of purchasing a property or home – interest rates. Trying to time the real estate market perfectly is like trying to time the stock market.
You Have Heard It But Do You Believe It
Miami Real Estate – If You Are Looking To Invest, Miami Is Top Choice
According to Mark Vitner, an economist for Wells Fargo, Miami is his top choice of a market poised for economic growth. How can that be? We have one of the highest unemployment, foreclosure and number of underwater homes in the country. However, Vitner stated that Miami is currently posting some of the highest taxable sales and number of jobs created in the state.
Miami has always been blessed with gorgeous weather, colorful landscapes, tourquoise waters, and beautiful beaches. One of the main reasons our economy has been chugging along better than most is due to our popularity with tourists, especially international ones, who have helped both our tourism and retail industries.
5601 Collins Avenue #810, Miami Beach, FL
According to AccuWeather.com, it was 29 degrees in New York and Boston yesterday, and 74 degrees on Miami Beach. This is the view from every room in this beautiful one bedroom apartment, smack dab on the beach. Instead of shoveling snow, you could be frolicking in the surf, playing volleyball or taking a leisurely stroll down the beach.
Wish you were here?
Free Things To Do Tonight
So many of my friends complain that Miami is an expensive town. Like any city I know, it can be but there are also a ton of things that you can do for free or near free.
Here are some things to do tonight to get your weekend started:
- Viernes Culturales – this event takes place the last Friday of every month in the Little Havana neighborhood of Miami. In addition to an art walk, there is live music, domino competitions, and latin dancing lessons.
- Visit the Wolfsonian – Free admission on Friday nights from 6-9 pm
- Take a picnic to the park at the New World Center on Miami Beach, watch the large screen and see what everyone is talking about.
Miami Real Estate – Condo Inventory Continues to Shrink
According to Condovultures.com, only 16% of the 22,231 condo units built in Greater Downtown Miami during the latest boom are still available for sale. If you continue to wait for prices to drop further, you will probably find you missed the boat. That doesn’t mean prices are going to appreciated rapidly, or at all, in the next year or two. We still have short sales, older construction, and regular owner foreclosures (vs developer foreclosures) to work our way through.
Waiting Until After The Super Bowl To List Your Home?
Common belief in the residential real estate industry is that nothing happens until after Super Bowl Sunday
, which this year happens to be February 6. Many sellers hold off on listing their home until after then. That may be a mistake. Sales are currently up. In Miami-Dade County, 893 single family homes and 1,397 condos or townhomes have gone under contract since January 1. Buyers are out there and you will have a lot more competition after Super Bowl Sunday.
Miami ING Marathon Route – Plan Your Driving Accordingly
The ING Miami Marathon is this Sunday and, with a projected 20,000 runners, there will be traffic disruptions along the route. Please plan accordingly or bring plenty of patience and courtesy. This is a pretty big event that showcases our beautiful city and we want to roll out the welcome mat. Traffic disruptions will probably start around 5:30 a.m. and last unit noon.
If you are a runner, consider joining the fun in either the 5K, 1/2 marathon or full marathon.
To Really Appreciate Miami, Slow Down and Walk A Neighborhood
Today I was reminiscing over some things my nephew said last Sunday as we were walking home from the Fairchild
Enjoying Strawberry S'mores
Chocolate Festival. The whole walk, which according to mapmywalk.com was a little over a mile, he kept saying, “walking to your house is beautiful” and “this is so relaxing” and singing “it’s a beautiful day in the neighborhood”. It was so much fun to see my neighborhood through the eyes of a 5 year old and his 3 year old brother.
The talk may have been sugar induced or the chocolate may have released a whole bunch of feel-good-endorphins, but the boys took enormous amounts of pleasure in watching a squirrel race down a tree, grab an acorn, hold it in his two little paws and nibble away; pointing out royal poincianas which aren’t even in bloom yet; and looking for Peacocks, lizards, turtles and fish in the canals. It didn’t matter that the only animal we spotted that day was the squirrel. Just knowing that they may have spotted different wildlife kept them interested.
They never once complained about being tired, asked how much longer, or said they hated walking. This coming weekend, slow down, and enjoy your neighborhood. If you are stressed and having a hard time being positive, take your children with you. If you don’t have any, do what I did and borrow them from a family member or friend. I guarantee that seeing South Florida through the eyes of a child will bring you a new-found appreciation of the wonderful place that we are lucky enough to call home.
Miami Real Estate – It May Be Cheaper To Buy Than To Rent
According to Trulia’s Q1 Rent vs Buy Index, Miami is #1 on the Top Ten Cities To Buy vs Rent table. The reason I titled my post “ It May Be Cheaper To Buy Than To Rent” instead of “It Is Cheaper To Buy Than To Rent” is because Trulia arrived at their conclusion by comparing two-bedroom apartments, condominiums and townhomes, currently listed on their website. If you want to find out if you are better off buying or renting, use their rent calculator and fill it in with your own rental costs and home specifications.
Obviously is more to consider than simply the cost when you decide whether to rent or own, but knowing your costs is probably one of the largest factors.
Miami Real Estate – Shadow Inventory
Shadow inventory is basically the number of properties that are projected to hit the market due to distressed owners, those who are behind 90 days or more on their mortgage, or because they will be or already have been taken back by the bank. There has been a lot of speculation lately about how this background inventory will affect the housing recovery, with many experts saying it will significantly delay it.
A CNNMoney.com article on Shadow Inventory states: “Of the 20 separate markets S&P analyzed, Miami was the only market of the 20 that S&P analyzed where shadow inventory did not did expand during the first three quarters of 2010.”
What does this mean for buyers? Record high affordability and a wide selection of properties to choose from.
For sellers, it means a continued suppression of prices, with prices either dropping further or bouncing along the bottom for a while. If you were thinking of selling your home within the next year or two, you may want to put it on the market now. Or, if you have equity in your home and have entertained the idea of owning investment property, turn it into a rental and buy your move-up, downsizing, or retirement home at the lowest prices we have seen in a long time.
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