EWM Realtors » Buying Real Estate

Approved Short Sale! $280,000.00 5/3 Pool Home! 8578 NW 47 Street, Coral Springs, Fl 33067 Enjoy Thanksgiving in Your New Home!

Susan J Penn, PA — Thu, 05 Nov 2009 20:51:42 +0000

Approved Short Sale! 5 bedrooms, 3 bathrooms with one bedroom downstairs and full bathroom down stairs, sparking blue waterfall island pool, pavered driveway, fabulous volume ceilings, granite kitchen countertop, formal living room and dining room, laminate wood flooring upstairs, upstairs master bedroom with whirlpool bath tub and separate shower, one bedroom upstairs has outside balcony, 3 car garage, accordion hurricane shutters. Susan Penn, EWM Realtor 954-557-5993

Senate passes bill extending and EXPANDING tax credit for home buyers

Leigh Fortuna — Thu, 05 Nov 2009 20:48:03 +0000

First-time home buyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. With the program scheduled to expire at the end of November, the Senate voted Wednesday to extend and expand the tax credit to include many buyers who already own homes.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The House could vote on the bill as early as Thursday.

Click here to read the full story.

Understanding Procuring Cause!!

JoAnn Hostutler — Tue, 03 Nov 2009 01:20:23 +0000

Working with a buyer can be very stressful and many times the buyer feels the agent is not showing them everything. Possibly the agent is showing only what the buyer has asked to see and has eliminated properties that are listed as “short sales” or have a pool, when the buyer was adamant they did not want a pool. It is very important to educate your buyer, keep detailed notes and continuous communication with them. Listed below are some of the events an arbitration panel will analyze and consider in determining the procuring cause of a transaction. The factors aren’t always weighed the same and not every factor is applicable in every instance.

Locating the property that meets a buyer’s needs.
Conducting ongoing communication with the buyer.
Showing the property.
Discussing the benefits of the property with the buyer.
Discussing possible terms with the buyer.
Discussing financing with the buyer.
Writing the offer.
Negotiating the offer to acceptance.
Helping the buyer obtain financing.
Helping the buyer with the inspections.
Performing all non-attorney duties leading to closing.
Going to closing.

The definition of procuring cause is not “black and white”. The guidelines are established by the National Association of Realtors. When a hearing is held on procuring cause, the panel is looking to see that there was an “unbroken” chain of events from a specific broker that lead to the buyers making the decision to buy the property and resulting in a successful sale. In other words, the sale would not have occurred but for the broker’s efforts. For more information on “Whose Sale Is It” read NAR’s article that outlines six factors determining procuring cause.

NAR Article

Slim Pickings

rileysmith — Tue, 27 Oct 2009 08:14:05 +0000

I have an out of town buyer who is looking at properties between $1,000,000 and $2,000,000. She requested to see 15 houses, of those 15 only 5 are still available. Some were short sales with multiple offers, some had pending contracts, a few were rented and one was sold.

Moral of the story: There is not a lot of good inventory between $1,000,000 and $2,000,000 on the market today.

Thinking of selling your home? Now might be a good time to put it on the market when we have such a limited supply of quality high end homes. Please give me a call for a market analysis of your property.

To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.

If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.

NAR wants $8K credit extended;IRS reports widespread fraud

Debra Spadafora — Thu, 22 Oct 2009 01:13:09 +0000

The National Association of Realtors (NAR) wants the Obama Administration to extend the $8K tax credit for first-time home buyers but the Obama Administration is concerned about the cost of the program and the IRS claims widespread fraud. However, lawmakers understand that the program is popular and has helped spur the housing recovery.

The existing credit which expires on November 30, allows qualified first-time home buyers to reduce their federal income taxes by 10 percent of the price of a home, up to a maximum of $8,000. Homes purchased after Jan. 1 are eligible. The full credit is limited to single filers making less than $75,000 a year and joint filers making less than $150,000.

About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit. Read more.

I TOLD YOU SO !

Vicki Restivo — Wed, 21 Oct 2009 15:47:27 +0000

TWO DAYS LATER …

A couple of days ago, I blogged about a real estate “deal” listed for sale in Coral Gables for $299,000.

It is NOW (already!) … under contract.

260 Majorca Avenue, Coral Gables, Florida

I don’t often toot my own horn, but for the (several) buyers who waited a day too long to get in their offer … I told you so !

Sometimes there’s a rush … if you’re going to scoop up the good deals!

Aventura Real Estate welcomes Debbie Najjar

Adriana Faerman — Tue, 13 Oct 2009 07:08:09 +0000

Legal Trends for Aventura and Sunny Isles Real Estate Market

I am excited to share with you my recent partnership with attorney Debbie Najjar. Originally from New York, Debbie has a vast experience in commercial real estate investments both from the legal and the investor standpoint.

Debbie adds to our practice a great deal of enthusiasm and legal expertise.

Welcome to RealGreenTrends Debbie!

You can reach Debbie at debbie@the-beach.net

There REALLY IS a SECRET SCIENCE to Pricing Your House for Sale!

Vicki Restivo — Mon, 12 Oct 2009 23:44:21 +0000

Pricing your house to “ SELL” is a science !

There is a SECRET SCIENCE to Pricing and Selling your House! Price it high to allow room for negotiation? Do you think so? If so, you are definitely not in the minority . Many sellers (and worse still, realtors) think that way… although the vast majority of homes that actually DO sell here in Miami, sell within 5-10% of their asking price.

Buyers who don’t do their homework waste time submitting offers on OVER priced property… and don’t recognize the gems! They make low offers on anything and everything, and loose out to the savvy buyer who is well informed about market value… and ready to pounce. As a seller, not only is it counterproductive to price a house high, but doing so can position you to chase-down the market…

Pricing a property above market value encourages procrastination on the part of a buyer. ”Shoppers” (as opposed to ‘buyers’ ) will submit low-ball offers regardless … infuriating a seller.

Pricing your house competitively will encourage offers. The tools are all there for you: Through “Facts and Trends”, on EWM.com, or through MiamiRealEstateCafe.com, buyers and sellers (both) can access current sales statistics throughout Miami Dade and South Florida. You can check sales data and price per square foot, sift through types of property (single family homes/condos), location, areas, looking back weeks or months, pulling specific property sizes or price ranges. The internet: an invaluable tool!

A knowledgeable Realtor can provide you with recent sales, property values in your neighborhood, properties currently under contract to close, expired listings (often as a result of being overpriced), tax history and appraisal figures, comparable homes currently listed for sale (and therefore competing with you for buyers), current market values and conditions, and pricing guidelines.

Although the amount a seller “ wants” is relevant, pricing should be based on value and market conditions to get the top sales price. A seller’s wants or needs are secondary to what the market will bear. A buyer will pay according to what they can afford, their perceived value, and the amount their lender will finance based on the appraised value. Comparable recently SOLD homes impact appraised values in the neighborhood. Pricing a property ABOVE the appraised value necessitates finding a buyer who is not only willing to pay cash, but who is also willing to overpay. Believe me, a ”for sale” sign in your yard, and buyers traipsing through your house week after week, gets old fast. Price it correctly. Create a ’buzz’… with prospective buyers vying for the opportunity! There’s a different (positive) energy when value and price mesh! Buyers make better (solid) offers on well-priced homes, knowing (fearing!) that someone else will outbid them … and grab it . In my experience, competitively priced homes sell for more money than their overpriced counterparts (who add wiggle room to negotiate)!

Who isn’t looking for a ’deal’? Regardless of how you price your house, you WILL get ridiculously low offers. Why? Some buyers think they ’should’, especially in a ’buyer’s market’. Others want to give it a whirl. Some have misconceptions … are minimally motivated …or are just shopping! Expect that. But… by pricing it right, you’ll attract buyers… both right buyers and wrong buyers. REAL BUYERS will understand the market and the value of your property. The only buyer who matters is the REAL buyer … and that’s the one you want!

Extending Tax Credits For Home Buyers

Hal Feldman — Fri, 09 Oct 2009 14:50:20 +0000

In an effort to stimulate the housing market, the government is providing first-time home buyers an $8000 tax credit if they close on a new house before the end of November. As that deadline looms, a new effort is afoot to not only extend the tax credit, but improve upon it.

There are two proposals gaining support in Washington, DC. One merely extends the existing tax credit offering for a period of 6 months or one year. The second, more radical one was started by the National Association of Home Builders and asks to extend the credit through Dec. 1, 2010, and open it to all people buying a primary residence. It is also proposed to raise the tax credit to $15,000. It estimates that this would boost home sales by nearly 400,000 next year, creating nearly 350,000 jobs.

Senators are split on which proposals to support, but the feeling is that there will be some sort of continued stimulus available to help American realize the dream of home ownership.

To date, approximately 314,000 home buyers have taken advantage of the tax credit. The home builder, realtor, construction, title insurance and architecture industries all believe the credit has helped to stabilize the housing market and also boost the broader economy.

Industry groups contend that not extending the tax credit could jeopardize the fragile housing recovery, creating more costs for the government down the road. They point to an oversupply of homes on the market and the threat of another wave of foreclosures to argue that the credit is still needed to prop up demand.

Regardless of the future of the home buyers tax credit, now is a great time for you to buy.

For more insight into Pinecrest, Palmetto Bay and surrounding area real estate please visit my website.

SECRETS to BUYING A HOUSE !

Vicki Restivo — Sun, 04 Oct 2009 11:42:30 +0000

There REALLY is a secret to buying a house… and a secret science to negotiating a sale!

We received eight offers on one property within just a couple weeks of listing it, and after just two open houses and an onslaught of individual viewings, we had a solid offer. The homeowner accepted an offer (and had a back-up perched and waiting on the sidelines… that second buyer hoping againgst hope that the first buyer’s financing would fall through). Half of the eight offers were realistic. The other half were pipe dreams. I’m sharing this because the low ball offers will come in regardless of where a seller prices their property.

Most buyers could tell you the value THEY THEMSELVES would put on any given home (as they might with any given piece of art ): What they themselves could/or would be willing to pay for it. … based on their own finances, and what they know about the neighboring homes (sold and listed).

What an appraiser will value the property at, or what other buyers will pay for it, are key though: Based on other homes for sale, what’s the value? Nearby comparable homes have sold for what? Other buyers would pay what for it, based on what else is available? What is it likely to appraise for?

Working with realistic buyers, who understand how to negotiate a sale… is a joy. It refreshing to hear a buyer say they are not interested in low-balling offers… that they’d prefer to have me weed through the listings, and select and show them only those within their budget that are properly priced … based on their needs/wants/must haves. By sifting and selecting for my buyers and showing them the cream of the crop, and giving them the tools to analyze their purchase, they can be poised to move fast when they see what they like. Time is truly of the essence in making an offer: The best properties get scooped up quickly. Buyers need to be able to see property at a moment’s notice, and be ready to draw up a contract immediately.

Any offer is a knock at the door… a whisper from an interested buyer, indicating that a buyer likes that house and wants to talk. It’s a window opening, if you will. It’s the precursor to a conversation. If you’re the seller, responding with a counter close to your asking price sets the tone in one direction, while dropping your price significantly indicates a willingness to concede closer to the buyers ‘hopes’.

How a low-ball offer works:

Overpricing a home allows for wiggle room in negotiations, according to general belief. It is counterproductive, and it actually encourages low-ball offers. It actually causes buyers to hold off on making offers… waiting for the homeowner to more realistically price the property. It deters the savvy buyer. Interestingly, most activity on a house occurs within the first few months of listing it. Pricing it competitively attracts offers, and stirs interest. Buyers who understand the market, are inclined to make solid offers on competitively priced homes, concerned that someone else will come in with a better offer.

How your offer is presented to the seller and whether it’s done in person by the buyer’s agent (or electronically)… how the buyer is portrayed to the seller… whether the transaction is amicable … whether the two realtors have a good rapport… getting a sense as to each party’s REAL needs (and meeting on common ground)… all affect the outcome of a real estate negotiation. There are so many options to incorporate into a real estate transaction… making each unique to the individual buyer and seller involved. Accommodating the needs of both sides .

As a buyer, you don’t have to like the other agent. You don’t have to like the seller. You have to like the house, period!