Leslie Evans, has tracked condominiums and single-family homes with his quarterly report, The Evans Report, for the last 11 years. His newly released third quarter residential real-estate report sees a gradual market strengthening.

The median sales prices of single-family homes has raised 29.47 percent from July to September, compared to the first six months of 2009 – he states this as a key indicator of an upward trend. “Though the meridian is still down from 2008 figure of $3.875 million, the $3.240 million meridian of the 59.33 percent increase in the average sales price in the third quarter of 2009 versus the first six months of the year are a good sign,” he said. The first half of 2009 the median price for a residential single-family property was $2.5 million. From January to June the average sales price was $2.92 million and it soared to $4.65 million in July to September. “We also had a skewed average sales price figure in 2008 due to the number of huge sales that took place before the financial market collapse in the fall,” Evans said.

Evans recorded 39 condominium unit sales and 23 single family homes sales during the third quarter of 2009. “The economic and political instability during the second half of 2008 greatly impacted the real-estate market at the beginning of 2009 and, obviously, concerns about the economy are still around, but third-quarter figures signal the beginnings of a renewal in market confidence, maybe even the beginning of a slow rebound,” Evans said. “The bulk of sales have been in the $10 million and under category, with big bumps especially in the under $5 million range,” he said. “More expensive properties seem to be slow to sell.” “The good news is that there is still very few foreclosure sales on the island, far below any other place in the state,” he said.

In today’s market, finding the right Palm Beach real estate mortgage loan is just as, if not more difficult than choosing the property you’ll eventually call home. The tougher lending practices plus the fewer amount of brokers mean there are less resources than before. Here are three good options worth exploring if you’re looking for a home loan.

Go on the web. There are several reputable websites like Zillow that can walk you through applying for a mortgage and closing with a broker or bank while presenting accurate fees and rates you’ll be paying. Any website that asks for your social security number upfront should be avoided.

Go with a broker. This option is great if you don’t fall under the category of the traditional person seeking a mortgage loan. While a broker won’t be required to disclose what he or she will be earning, they are tremendously beneficial is finding highly regarded lenders well versed in jumbo or exotic mortgages. Go to the bank. Perhaps the safest and best method (especially for the standard homebuyer), a loan officer with several years of experience who fully comprehends the local area can get you a very good mortgage rate.

According to the National Association of Realtors pending homes sales continue to rise as buyers take advantage of affordable interest rates and low home prices.

Lawrence Yun, NAR chief economist said, “what we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up in California, Nevada, Arizona, Florida, Rhode Island and the Washington D.C. region.”

The economic situation currently puts many buyers in a great advantage, said NAR President Charles McMillan also a Dallas-Ft. Worth Broker. “The drop in mortgage rates and home prices mean the buying power of a typical family has never been better” he said.

“If you have a good job and long term plans, it’s unlikely that you’ll find a much better time to buy a home. This is especially true for first-time buyers who can qualify for an $8,000 tax credit this year, have a great selection of homes to choose from and are in favorable negotiating position.”

 To learn more about how you can take advantage of the current low interest rates and the high volume of quality homes available in our inventory call us today!

Scott Gordon Realty 561-533-5888
www.scottgordonrealty.com

Homes sales in the United States have shown strong increases since February, showing more improvement than estimated by many analysts.

Sales for single-family homes, town homes, condo and coops rose 5.1 percent from 4.49 million units in January to 4.72 million units in February.

Concentrating on lower price ranges, first time homebuyers are accounting for around half of all home sales. Many of the first time buyers are concentrating on distressed properties and bargains, accounting for nearly 40 to 45 percent.

In February the national medium used-home price was $165,400. The median is the price at which half sold for less and half sold for more.

Lawrence Yun, NAR chief economist noted “Given the downward distortion in price comparisons due to distressed sales, it’s important for owners to keep in mind that doesn’t equate to a similar loss of value for traditional homes in good condition.” 

NAR President Charles McMillion said “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he also said “It appears most of the increase in buyer traffic occurred in the later part of the month, after the $8,000 first-time buyer tax credit was put in place. At the same time mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”

“In this changing market, smart buyers and sellers consult with Realtors who can advise them about current conditions in their area and counsel them on the best way to move forward,” he said.

Call Palm Beach’s Real Estate Specialists at Scott Gordon Realty to assist you with your home buying or selling needs.

Scott Gordon Realty – 561-533-5888 www.scottgordonrealty.com
 

Luxury real estate has always been affordable in remote locations or in foreign countries, but affordable real estate in Palm Beach Florida? The same place that has sold some of the most expensive property in the U.S. is now selling incredibly luxurious property at surprisingly low costs.

So why is luxury property better to invest in than normal property? While it may seem like common sense, actually putting the numbers out there for you may provide an idea of how important this is.

The average property in the U.S. probably goes for around $200,000. If the real estate market you live in has seen a price reduction of 40-percent over the past five years the average home now costs $120,000. That means you saved $80,000 on a property which is amazing. But the average luxury home costs around $500,000 and if that same property has dropped 40-percent over the last five years the average luxury home becomes $300,000 saving the buyer $200,000.
 

The recent news that pretty much trumped all financial news (real estate related or otherwise) was the historic government bailout designed to address the economy, save banks and, among other things, fix the housing market by getting people interested in markets like Palm Beach real estate again.

This bailout has divided many people with some lambasting the decision and others praising it as an unwanted, albeit necessary measure to keep the economy from getting worse.  While the bailout is designed to address multiple components affecting the country, some experts don’t think it will do very much to get people interested in buying Palm Beach condos again.

Current figures show that thirty year mortgage rates remain high and therefore prevent most people from being able to afford the monthly payments and that’s on top of how hard it is to actually get approved for a mortgage in the first place.  In order to get the ball rolling on home buying again, real estate experts believe the government should begin by lowering these rates.

Rates have dropped considerably but they’re still not to the point where people can afford them on top of all the other costs that go into buying a home.  If the government were to assist buyers with a down payment up to a certain point, it would take out one of the major roadblocks and increase the number of people buying Palm Beach homes.

Other suggestions have already been implemented, namely the Hope the Homeowners plan which will allow thousands of homeowners stuck with adjustable rate and subprime mortgages to refinance.

The bailout is still in its early stages and many of these economic and housing solutions haven’t really begun to show their results but as 2008 comes to a close, the effects on whether they’ll sway Americans into buying real estate again will show in the numbers.