by admin | Apr 29, 2013 | Homes, Villas and Condos, Investment Property in Florida, Real Estate News
Florida Realtors® latest data shows a positive upswing for the Florida Housing Market. Although there is a reduced inventory of homes for sale, the median price has increased and there is an increase in pending sales and closed sales. Bardell Real Estate has agents working with clients in all phases of home sales and sees this same upswing in the Florida Housing Market.
We continue to be encouraged by the depth and breadth of the Florida housing market recovery,” said Florida Realtors Chief Economist Dr. John Tuccillo. “State numbers are up in virtually all important categories and down where they should be down. Even with the difficulty of access to financing for households, we still see the growth in the market continuing for at least the next 18 months.
According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in February 2013 was $173,800, up 11.3 percent from the previous year. In California, the statewide median sales price for single-family existing homes in February was $333,880; in Massachusetts, it was $278,000; in Maryland, it was $224,048; and in New York, it was $220,000.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Florida Housing Market
Looking at the Florida Housing Market, Florida’s year-to-year comparison for sales of townhouse-condos, a total of 9,957 units sold statewide last month, up 1.1 percent compared to March 2012. Meanwhile, pending sales for townhouse-condos last month increased 10.6 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $120,000, up 15.9 percent over the previous year. NAR reported that the national median existing condo price in February 2013 was $172,500.
In the Florida Housing Market, the inventory for single-family homes stood at a 5.3-months’ supply in March; inventory for townhouse-condos was at a 5.8-months’ supply, according to Florida Realtors.
Inventory remains an issue, but this is fast becoming a sellers’ market and as sellers realize this, we expect inventories to rise as we approach the last quarter of 2103. Over the long term, we need to correct the imbalance between investors and owner-occupier households that has developed because of financing issues if the Florida housing market is to prosper for a long time.
According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in March 2013, down from the 3.95 percent average during the same month a year earlier.
Bardell Real Estate recommends: To see the full statewide housing activity report, go to Florida Realtors website and click on the Research page; then look under Latest Housing Data, Statewide Residential Activity and get the March reports. This will give more detail on the Florida Housing Market.
Sourced from © 2013 Florida Realtors®
by admin | Apr 10, 2013 | Homes, Villas and Condos, Investment Property in Florida
As the pool of available homes for sale remains small, according to Associated Press, the sale prices of those homes are on the rise. Although the report below shows a focus on price increases in the West, our agents at Bardell Real Estate have noticed that Property in Florida is also showing some price increases.
Steady increases in prices help fuel the housing recovery. They encourage some homeowners to sell homes and entice some would-be buyers to purchase homes before prices rise further.
WASHINGTON – April 3, 2013 – U.S. home prices jumped in February by the largest amount in seven years, evidence that the housing recovery strengthened ahead of the all-important spring-buying season.
Home prices rose 10.2 percent in February compared with a year earlier, CoreLogic, a real estate data provider, said Wednesday. The annual gain was the biggest since March 2006. Prices have now increased on an annual basis for 12 straight months, underscoring the recovery’s steady momentum.
The gains were broad-based. Prices rose in 47 of 50 states and in all but four of the nation’s 100 largest metro areas. Delaware, Alabama and Illinois were the only states to report price declines.
CoreLogic’s measure of national prices also rose 0.5 percent in February from January. That’s a solid increase during the winter months, when sales typically slow.
An increase in home sales has helped lift prices. In February, sales of previously owned homes reached the highest level in more than three years. Still, much of the demand has come from investors. Sales to first-time buyers remain below healthy levels.
Another reason prices are rising is the supply of available homes for sale remains extremely low. In January, it reached a 13-year low.
The supply of homes for sale did rise in February for the first time in 10 months. That suggests more people are gaining confidence in the housing recovery, which could help ease supply concerns and drive sales higher in the coming months.
The price gains were concentrated in the West, according to CoreLogic. The states with the biggest price gains were Nevada, where prices rose 19.3 percent, followed by Arizona, with 18.6 percent, and California, with 15.3 percent.
Hawaii and Idaho rose 14.6 percent and 13.5 percent, respectively.
The cities with the biggest gains were Phoenix, Los Angeles, Riverside, Calif., Atlanta and New York.
Nationwide, home values were still down more than 26 percent from their peak in April 2006 through February, CoreLogic said.
Steady increases in prices help fuel the housing recovery. They encourage some homeowners to sell homes and entice some would-be buyers to purchase homes before prices rise further.
Higher prices can also make homeowners feel wealthier. That can encourage more consumer spending, which drives 70 percent of economic activity.
Bardell Real Estate offers property in Florida for sale – retirement homes, vacation homes and residential homes. Contact us for more details on available property in Florida.
by admin | Apr 10, 2013 | Homes, Villas and Condos, New Construction
If you are trying to decide whether to buy new property in Florida or purchase a resale home you may fiind this recent article published by The National Association of Home Builders (NAHB) very interesting. It contains data on why buying new property in Florida and elsewhere may be a better bet than buying a less expensive existing home.
“For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings,” said Judson. “Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home.”
This data may help sway your decision on buying one of the new homes under construction at Championsgate in Orlando, Florida. Check out what Lennar have as offerings in that up and coming area of Champions Gate.
WASHINGTON – April 3, 2013 – Using data from the Census Bureau and Department of Housing and Urban Development’s 2011 American Housing Survey, the National Association of Home Builders (NAHB) found that buyers can pay more for a newly constructed home and save money over time, even if the new home costs more upfront.
Builders have faced rising costs for labor and supplies recently, and competition from relatively inexpensive existing home prices. To offset that difference, the study focuses on the new homeownership elements that save money.
“Home buyers need to look beyond the initial sales price when considering whether to buy new construction or an existing home,” NAHB Chairman Rick Judson said in a release. “They will find that with the higher costs of operating an older home, they can often afford to spend more to buy a new home and still have annual operating costs that fit their budget.”
NAHB’s study first looked at utility, maintenance, property tax and insurance costs, and analyzed how they vary depending on the age of a home. It found that homes built before 1960 have average maintenance costs of $564 a year, while a home built after 2008 averages $241.
Similarly, operating costs average nearly 5 percent of the home’s value for pre-1960 structures, while they average less than 3 percent when the home was built later than 2008.
The analysis then compared the first year after tax cost of owning a home by the year the house was built, taking into account the purchase price, mortgage payments, annual operating costs and income tax savings. Based on these savings, NAHB says a buyer can afford to pay 23 percent more for a new house than for one built before 1960 and still maintain the same amount of first year annual costs.
While mortgage payments will be greater with a higher-priced new home, its lower operating costs mean a home buyer’s annual costs would be roughly the same in a newly built home compared to an older home’s smaller mortgage payment but higher operating expenses.
“For a family working with a fixed annual budget, new-construction homes offer outstanding comfort, convenience and overall cost savings,” said Judson. “Put that together with today’s near-record low interest rates and competitive prices, and the time has never been better to buy a new home.”
© 2013 Florida Realtors®
by Steve Silcock | Feb 11, 2013 | Investment Property in Florida, News, Property for Sale in Orlando, Uncategorized
I
f you have been asking yourself “Should I buy property in Orlando Florida this year” my answer would be a resounding YES !!! Prices are low but starting to increase, interest rates are historically low and homes are selling quickly. Now is undoubtedly a great time to buy property in Orlando Florida.
January saw a 65% increase in traffic on the Bardell Real Estate website and we have already seen a big increase in enquiries. New construction in the commercial sector, residential and vacation home market is picking up in the Disney area and we are finally seeing positive reporting on the economy as a whole. The extract below is from a recent survey published by USA Today.
WASHINGTON – Feb. 11, 2013 – The nation’s economy and job-creating engine will start to purr later this year as business activity picks up – more than offsetting federal government cutbacks, predict economists surveyed by USA Today.
After starting the year slowly, the economy will shift into a higher gear this summer and then grow for the next nine months at the fastest pace in three years, according to the median estimates of 46 economists.
“I think we’re really on the verge of this becoming a self-sustaining recovery,” says Richard Moody, chief economist at Regions Bank.
The economists expect average monthly job gains of 171,000, with the pace quickening late this year. They expect unemployment to fall from 7.9 percent to 7.5 percent by year’s end. In October, economists surveyed predicted average monthly gains of 155,000 jobs.
Several said they raised their forecasts in part after the government this month revised up its estimate of average monthly job growth from 153,000 each of the past two years to 175,000 in 2011 and 181,000 in 2012.
The revisions reflect a job market that’s expanding more rapidly than previously believed, Moody says.
After gaining an average of 157,000 jobs a month in the first quarter, the economy will gradually gather force and add 184,000 a month by the fourth quarter, the economists say.
Now is the time to start the process – looking back in a few years time I believe many will say that 2013 was the right time to buy property in Orlando Florida.
by Steve Silcock | Feb 7, 2013 | Homes, Villas and Condos, Investment Property in Florida, Local Events, New Construction, Property for Sale in Orlando, Real Estate News
ChampionsGate was besieged yesterday by literally hundreds of Florida Realtors as Lennar began a round of “open houses” at it’s new flagship development in ChampionsGate.
Registration for the Realtor Open Day was held outside the new purpose built sales office currently under construction in the center of ChampionsGate. Agents were shuttled back and forth to view the stunning model homes in this exciting new development.
The sheer number of agents waiting patiently in line to be ferried across to the first two new communities was a sight we have not seen for a long time.
This is without doubt the most exciting development we have seen in the Central Florida area for a number of years – and it’s clear to see why. ChampionsGate has a convenient location at Junction 58 on I4 providing easy access to the theme parks and the rest of central Florida. It boasts separate communities dedicated to the vacation market and the residential market offer stunning home designs to suit a range of budgets.
The Retreat at ChampionsGate will offer vacation / short term rental properties for sale starting from around $300,000 including your very own private, heated swiming pool. Owners and guests will also have access to a 30,0000 sq ft clubhouse and facilities that includes a resort style pool, lazy river, restaurants, theatre, and spa.
The Country Club at ChampionsGate will be a residential paradise that will attract permanent residents and second home owners who seek luxury country club style living at affordable prices. With homes starting at just $240,000 and top of the line facilities that includes a separate 20,000 sq ft club house, pool, tennis courts (including a stadium court) and of course an 18 hole championship community golf course designed by George Clifton.
For more details and pricing on property for sale in ChampionsGate visit www.championsgaterealestate.com
Florida Realtors® latest data shows a positive upswing for the Florida Housing Market. Although there is a reduced inventory of homes for sale, the median price has increased and there is an increase in pending sales and closed sales. Bardell Real Estate has agents working with clients in all phases of home sales and sees this same upswing in the Florida Housing Market.