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South Florida Ranked 2nd In Most Boomerang Buyers

Posted by on Jan 27, 2015 in Blog | 0 comments

More than 322,000 potential homeowners in South Florida Miami region from 2015 to 2022

Article from the Real Deal

South Florida Boomerang BuyersSouth Florida has the second most eligible metro-area homeowners — boomerang buyers — who lost their homes to foreclosure or short sales during the crash, according to a report released today.

RealtyTrac reported that the first wave 7.3 million homeowners are now past the seven-year window needed to repair credit and requalify to buy a home. In the Miami, Fort Lauderdale and Pompano Beach region, that’s more than 322,000 potential homeowners over the next eight years.

Those potential buyers represent 13 percent of the total housing units in South Florida.

Boomerang buyers can shape the short-term housing market, RealtyTrac reported, and most are Baby Boomers or part of Generation X, between the ages of 39 and 70. At the end of 2013, home ownership rates for buyers between the ages of 35 and 44 were 11 percent below historical averages going back to the early 90s.

Phoenix, Arizona had the most metro-area potential buyers for 2015 to 2022. Other Florida cities on the list: Orlando, Tampa, Cape Coral and Port St. Lucie, among others.

As one of Miami’s best realtors, you will find that I am honest & knowledgeable with over 10 years of experience selling homes in numerous areas within Miami-Dade. As a Miami native, I not only know but specialize in many neighborhoods including Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Key Biscayne, Miami Beach, High Pines, and South Miami.

If you are considering buying or selling your home and would like to work with an excellent realtor who specializes in any of these areas, feel free to contact me directly at 786-488-9756 or email me at John@JohnSeidel.com today for your consultation. I look forward to hearing from you.

Check back with us frequently as we are constantly posting the latest sales, statistics, and local news on Miami’s Real Estate market.

Mortgage Rates Lowest Since Mid-2013

Posted by on Jan 24, 2015 in Blog | 0 comments

Declined for third-straight week

Article from the Real Deal

mortgage ratesMortgage rates are down to their lowest levels since May 2013.

This week, rates declined for the third straight week, with lenders offering on average 3.63 percent on a 30-year fixed loan — down .02 from two weeks ago.

The mortgage finance giant Freddie Mac reported that this week’s rate for a 30-year mortgage fell from 3.66 percent last week and 4.39 percent a year earlier. Lenders are also offering a 15-year fixed loan at a lower rate from last week and a significantly lower rate from 2014, the Sun Sentinel reported.

This historic decline has led to a growth in mortgage applications, according to the newspaper.

As one of Miami’s best realtors, you will find that I am honest & knowledgeable with over 10 years of experience selling homes in numerous areas within Miami-Dade. As a Miami native, I not only know but specialize in many neighborhoods including Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Key Biscayne, Miami Beach, High Pines, and South Miami.

If you are considering buying or selling your home and would like to work with an excellent realtor who specializes in any of these areas, feel free to contact me directly at 786-488-9756 or email me at John@JohnSeidel.com today for your consultation. I look forward to hearing from you.

Check back with us frequently as we are constantly posting the latest sales, statistics, and local news on Miami’s Real Estate market.

What’s ahead for Floridas economy in 2015?

Posted by on Jan 21, 2015 in Blog | 0 comments

Florida Realtors Chief Economist Dr. John Tuccillo’s prediction

Article from FloridaRealtor.org

florida economyThe real estate market plays a vital role in Floridas economy, and figuring out what lies ahead in 2015 is key to policymakers, residents and Realtors®.

“We anticipate the positive trends that developed last year to continue into 2015,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Florida’s economy is producing significant numbers of jobs, in-migration is strong and the housing market will benefit. Florida Realtors expects home sales to increase by about 10 percent in 2015, and values to move upward at the historical average rate of 4.5-5 percent. Because of inventory shortages at the lower price levels of the market, measured median and average prices will rise by 10-15 percent – about the same as their performance in 2014.

“Both the economy and real estate will benefit from lower gas prices, which are expected to continue through the first half of the year,” he adds. “This will give consumers more spendable income, but will also allow them to consider buying homes farther from metropolitan centers, where home prices are lower. Florida’s economy also will benefit from both the expansion of the Panama Canal, which will bring new trade and employment opportunities to Florida, and from numerous transportation projects that are now underway or planned around the state.”

As one of Miami’s best realtors, you will find that I am honest & knowledgeable with over 10 years of experience selling homes in numerous areas within Miami-Dade. As a Miami native, I not only know but specialize in many neighborhoods including Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Key Biscayne, Miami Beach, High Pines, and South Miami.

If you are considering buying or selling your home and would like to work with an excellent realtor who specializes in any of these areas, feel free to contact me directly at 786-488-9756 or email me at John@JohnSeidel.com today for your consultation. I look forward to hearing from you.

Check back with us frequently as we are constantly posting the latest sales, statistics, and local news on Miami’s Real Estate market.

Miami Ranked Second Among Major Cities in Foreclosure Filings

Posted by on Jan 20, 2015 in Blog | 0 comments

Florida leads U.S. with most foreclosures in 2014

Article by the Real Deal

miami foreclosure rateFlorida had the nation’s highest foreclosure rate in 2014, according to Realty Trac’s just-released year-end 2014 U.S. foreclosure market report.

In Florida, 2.3 percent of all housing units had a foreclosure filing last year, RealtyTrac’s data shows. Other top states were New Jersey, Maryland, Illinois and Nevada.
Among major cities, Miami came in second for foreclosures in 2014, at 2.79 percent of housing units. Only Atlantic City surpassed Miami, with 3.06 percent. Three other Florida metropolitan areas followed: Orlando, Palm Bay-Melbourne-Titusville and Tampa.

The Sunshine State also ranked among the states with the longest average time to foreclose in the fourth quarter. Florida came in third at 946 days, following Hawaii and New Jersey at more than 1,000 days.
Florida has led the nation with the highest foreclosure rate since 2012. Nevada had the distinction in 2011, RealtyTrac said.

“South Florida is in the fourth quarter of our foreclosure cleanup. Since 2007, we have seen 27 percent of our housing units hit with a foreclosure notice, peaking in 2009 and 2010. Due to the lengthy judicial foreclosure system in the state and the severity of the crisis the tail of this market has been elongated,” said Mike Pappas, CEO and president of the Keyes Company, in a statement. “It is encouraging to look in the rear view mirror and see us at the other side of the bell curve with foreclosure notices in 2014 nearing 2007 levels. Hopefully, we can put the last nail in this foreclosure coffin and end 2015 at pre-recession numbers.”

Nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1.1 milion U.S. properties in 2014, down 18 percent from 2013, and down 61 percent from the peak of 2.9 million properties with foreclosure filings in 2010.

As one of Miami’s best realtors, you will find that I am honest & knowledgeable with over 10 years of experience selling homes in numerous areas within Miami-Dade. As a Miami native, I not only know but specialize in many neighborhoods including Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Key Biscayne, Miami Beach, High Pines, and South Miami.

If you are considering buying or selling your home and would like to work with an excellent realtor who specializes in any of these areas, feel free to contact me directly at 786-488-9756 or email me at John@JohnSeidel.com today for your consultation. I look forward to hearing from you.

Check back with us frequently as we are constantly posting the latest sales, statistics, and local news on Miami’s Real Estate market.

2014: Another Record Year in Miami Real Estate

Posted by on Jan 12, 2015 in Blog | 0 comments

Miami Real Estate remains on the rise

Article by the South Florida Realtor

SoldFollowing three years of record sales activity, the Miami real estate market continued to strengthen in 2014 while reflecting more balance between buyers and sellers due to increased existing and new construction supply. Despite more new listings finally coming on the market, strong sales continue to drive home values, which have experienced double-digit appreciation since December 2011.

Current market fundamentals create opportunities for both buyers and sellers. While many homeowners have recovered equity lost during the market downturn and can now make a profit if they sell, median sales prices in Miami remain at pre-boom levels of 2004. Those who purchased in the last three or four years are yielding strong returns on their investments.

As one of Miami’s best realtors, you will find that I am honest & knowledgeable with over 10 years of experience selling homes in numerous areas within Miami-Dade. As a Miami native, I not only know but specialize in many neighborhoods including Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay, Key Biscayne, Miami Beach, High Pines, and South Miami.

If you are considering buying or selling your home and would like to work with an excellent realtor who specializes in any of these areas, feel free to contact me directly at 786-488-9756 or email me at John@JohnSeidel.com today for your consultation. I look forward to hearing from you.

Check back with us frequently as we are constantly posting the latest sales, statistics, and local news on Miami’s Real Estate market.