Category Archives: Selling Your Home

Will 2014’s New Mortgage Rules Affect You?

Profile PicKeller Williams’ Claudio & Robyn Petasne Emphasize The Importance
of Finding the Right Real Estate Partners.

Changes to the home loan industry seem to be more the exception than the rule. But 2014’s new changes taking effect on January 10 are intended to protect the buyers, according to South Florida realtors Claudio and Robyn Petasne.

“The first major change is related to what the Consumer Financial Protection Bureau calls ‘qualified mortgages,’” Robyn says. “Qualified mortgages are intended to protect the buyer because they are ones the buyer can afford to repay.”

In 2014, qualified mortgages mean lender cannot take fees higher than 3 percent. Lenders also cannot grant loans that would exceed your debt-to-income ratio by 43 percent.

These new laws may protect homebuyers, but Claudio points out that he also views his and Robyn’s job as having a similar pathway.

“We want our buyers to be in their dream homes, but we also want to them to be in dream homes that means they don’t have to limit their lifestyle due to their mortgage payment,” Claudio says. “Our experience in South Florida real estate and our close partnerships with lenders means we can work with buyers to get the right house at the right price.”

One such partnership is with Priority Lending, where Dan Longman, President and CRMS, works with the Petasne’s buyers to obtain affordable mortgages.

“Our fees never exceeded this 3 percent mark and are typically around the 2.5 percent range,” Longman says. “However, as wholesale lenders, we are really able to offer a greater variety of loans in the first place. Even with these differences and changes in 2013, we’ve been able to navigate these waters with realtors like Claudio and Robyn and help their homebuyers move into homes.”

Buyers’ Outlook for 2014
As for the buyers’ outlook in South Florida for 2014, both the Petasnes and Longman are seeing more and more buyers qualify for loans in a timely fashion.

“One of the biggest challenges in 2013 is that the market seemed to be flooded at times with investors that were snapping up homes,” Longman says. “This meant well-qualified buyers were losing out to investors coming in and paying cash. But investment companies are backing off, which leaves more room for buyers.”

Having realtors that know the market well and always seem to know where the next best property for a homebuyer is can equal greater success, Robyn says.

“Our goals for 2014 are to help more buyers than ever to realize their dream of home ownership or to move into a home that’s a better fit for their needs,” she says. “We are prepared to help them navigate any changes to mortgage requirements and are proud to work with the right partners to help them get there.”

To find out more about how Robyn and Claudio can help you find or sell a home, call their office at (954) 770-6850 or by cell phone at (954) 260-5570.

You can also visit:
Facebook: https://www.facebook.com/SFL.HomeSales
Blog: https://greatlivinginwestbroward.wordpress.com/
YouTube: http://youtu.be/umUg-Bm1Pdc
Search for Homes Here: http://www.FtLauderdaleRealEstateForSale.com
Testimonials: http://www.zillow.com/profile/ClaudioPetasne/

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Back to School Savings in Coral Springs Florida with NO TAX WEEKEND

schoolsuppliesRejoice Mom and Dad…Florida’s tax-free holiday for school supplies is back this year, starting Friday August 22, 2013 at 12:01 a.m and ending Sunday at midnight. This year, some new items are on the tax-free list, including personal computers and tablets.

Retailers are planning on bringing in extra staff to help handle crowds and BestBuy, for instance, is extending hours, opening at 8 a.m. instead of 10 a.m. Here in the Coral Springs and Parkland area we have several great shopping areas, Coral Square Mall of course, plus Target on Westview Dr, Super Walmart on Coral Ridge near Heron Bay in Parkland and the new one n McNab Rd. Also several office supply stores such as Staples, Office Max and Office Depot. Best Buy located on Atlantic has extended hours.

School supplies can all add up. The National Retail Federation forecasts that families with school-aged kids will spend $634.78 this year on shoes, clothes and supplies – which is actually down from $688.62 last year.
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Here’s a rundown of what you need to know:
* New items on the tax-free list this year: Personal computers, tablets and accessories, such as keyboards and monitors, that sell for $750 or less.Lawmakers approved the exemption this year after they realizing how important technology is to education.
computer shopping coral springs

* Bonus: The tax holiday applies to handheld gadgets too, so that includes things such as the Apple iPod touch and other MP3 players and E-Readers.
* Sorry: That doesn’t include cellphones, video game consoles, digital media receivers or devices not primarily designed to process data. So, no HDTVs tax-free this time.
* No kids? No problem: The holiday applies to any approved purchases, whether you have a kid or not.
* Apparel: Everything from shirts and shoes (up to $75) to backpacks and hats. Even diaper bags are tax-free during the holiday.
* Supplies: Any school supply-like item up to $15 apiece.
* Upper limit: You can still buy something above that limit, but any dollar spent over the limit becomes taxable.
* Online: You can also order online during that period, tax-free, as long as the retailer is set up to process the transactions. Even if the item won’t arrive for days, as long as you bought it during the holiday period, it should still be tax free.

* Not tax-Free: “Clothing” does not include accessories or equipment such as watches, jewelry, umbrellas, handkerchiefs, or sporting gear.
The state Revenue Estimating Conference has estimated the tax break will cost Florida $28.3 million in revenue this year, with local governments out $6.4 million. The statewide projection is up from a $25.9 million estimate from the 2012 back-to-school period that was also three days

* Details: A full list of eligible items is online at dor.myflorida.com/dor/pdf/sales_tax_holiday_list_of_items.pdf
If you find you need more office space or a bigger kitchen for all that after school study sessions and homework, Call Robyn and Claudio Petasne,954-770-6850 the Coral Springs Realtors with Keller Williams Partners Realty. We can help you find a new home to meet your needs and sell or rent out your current property!

Home Prices are Rising, its a Good Time to Sell Your Home!

 

Homes are Selling in Broward County– For the sixth consecutive month Broward County home prices increased in May. The median sales price of condominiums in increased 4.5 percent (22% in Dade) to $78.750 compared to a year earlier, according to the MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) system. The median sales price of single-family homes rose 9.5 percent to $205,500

“Broward home prices have experienced appreciation consistently over the last six months,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “Strong demand for Broward properties continues to fuel this dramatic market strengthening that has yielded limited supply and will result in home prices increasing further.”

In May the average sales price for condominiums in Broward County increased 9% percent to $136,153 The average sales prices for single-family homes rose 9.1 percent to $283,584

Florida Statewide Home Prices
Statewide median sales prices in May increased 8.9 percent to $147,000 for single-family homes and 14.3 percent to $112,000 for condominiums, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median existing-home price for all housing types was $182,600 in May, a 7.9 percent increase from May 2011.

Fort Lauderdale Area Home Sales Rise in May
The sales of existing Single Family Homes in Broward increased 9.5 percent in May  to 1251 units, compared to record sales levels in May 2011. Sales of condo’s fell -1.3% to 1517 units, compared to May 2011.

Statewide sales of existing single-family homes totaled 18,723 in May 2012, up 7.5 percent compared to a year ago. Statewide condominium sales totaled 9,995, up 5.4 percent from those sold in May 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 1.5 percent from April and were 9.6 percent higher than they were in May 2011, according to the National Association of Realtors (NAR).

“While international buyers continue to play a major role in boosting the South Florida real estate market, there is also great demand from local and migrating U.S. buyers,” said 2012 MIAMI Association of REALTORS Residential President Patricia Delinois. “Population drives real estate, and Florida, one of the fastest growing states, is set to surpass NY in population by 2020 to become the third most populous state in the nation.”

Months Supply of Inventory Sharply Declines
Over the last year, the inventory of residential listings in Broward  County has dropped 33 percent .. Currently, there are 3-4 months of supply in Broward. Total housing inventory nationally decreased 0.4 percent at the end of May and was 20.4 percent below year-ago levels, which represents a 6.6-month supply at the current sales pace.

Distressed Sales Decrease
Strong demand for bank-owned (REO) properties and improved processing of short sales has resulted in rapid absorption of distressed listings and contributed to price appreciation. In May, 38 percent of all closed residential sales in Broward County were distressed, including REOs (bank-owned properties) and short sales.

International Buyers Fuel Cash Sales
In Broward County, 63 percent of total closed sales in May were all-cash sales, Cash sales accounted for 41 percent of single-family and 81 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales fell to 28 percent in May – from 29 percent

Call us for a Comparable Market Analysis 

and help to market and sell Your Home,

Robyn and Claudio Petasne 954-260-5570

 

Note: Statistics in this news release may vary depending on reporting dates. Statistics reported by MIAMI are not impacted by NAR’s rebenchmarking efforts. MIAMI reports exact statistics directly from its MLS system.

Shop for Insurance Before you Buy your New Home

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State Farm requests insurance increase

TALLAHASSEE, Fla. – June 28, 2012 – State Farm has requested an average increase of 15 percent on its homeowners policies in Florida, its sixth rate hike request in less than three years.   According to an analysis of the request by the Sun Sentinel, the increase, if approved by the Florida Office of Insurance Regulation, would average 14 percent for single-family owners, 49 percent for renters and 27 percent for condo owners.   State Farm says the actual premium cost for a homeowner will vary, however, because it’s also bringing back a handful of discounts. The biggest one – a 10 percent cut in cost – would be granted owners who also use State Farm for their car insurance, for example. The company also says that a homeowner facing a 14 percent price hike could cut it down to 3 percent by opting for a higher deductible.   According to State Farm, it needs permission to raise prices because its “financial position has deteriorated significantly over the past several years.”   The Office of Insurance Regulation has final say over the increase, however. It has a meeting scheduled for July 25 to consider the request.

Citizens Insurance, one of the largest with holdings in Florida is also instituting major rate hikes and possiblly dropping many of their insured due to the high risk and costs of offering coverage in our Hurricane Prone state.

When you are considering purchasing a property the time to think about insurance is before you buy. Contact your insurance agent and discuss the type of property yuor looking for to get estimates on what the insurance will cost. You dont wany any surprises to keep you from moving into the home you desire.

Call me for some client recommended insurance agents. We only recommend agents that have been excellent in their knowledge, service, rates for our past clients. Reach Claudio and I at 954-770-6850

Tax Break for Short Sellers expires Soon!

Since 2007, homeowners whose banks have forgiven unpaid mortgage debt after a short sale, principal reduction or foreclosure have not had to count that money as income on their tax returns.   It’s meant savings of tens of thousands of dollars on the so-called “phantom income” depending on the amount of debt canceled and a person’s tax bracket.   But the Mortgage Forgiveness Debt Relief Act of 2007 will sunset Dec. 31 2012

Accountants and Realtors are urging homeowners considering a short sale to put their properties on the market now so they can sell before year’s end.   A short sale is where the lender agrees to sell a property for less than what the homeowner owes on the mortgage. Banks are getting better at processing short sales, finalizing a contract can still take months

For Example: Bob Homeowner listed his home for a short sale with a good Realtor  after researching the best exit strategy from his underwater mortgage. He quickly had a full price offer of $105,000 and is currently under contract.A successful sale will leave him with $118,000 in unpaid loan debt. If the bank forgives that balance, the money is taxable income. Considering Bob’s tax bracket, he would owe about $29,500 in taxes on that canceled debt. Under the debt relief act, he won’t owe anything.

People selling their homes through a short sale or who are in foreclosure may have the unpaid balance of their loan forgiven by the bank. If so, that debt would be considered taxable income. The Mortgage Forgiveness Debt Relief Act excludes that income from being taxed through Dec. 31, 2012.  If you are considering a short sale, you may want to put your home on the market now so a sale can close before the end of the year and qualify you to take advantage of the debt relief act before it expires.

What’s next?

A bill called the “Homeowners Tax Fairness Act” was filed in March that would extend the tax debt forgiveness program through 2015 if passed. It requires congressional approval.

If you want to find out more about Short Selling your house rather than facing foreclosure and the bankruptcy that often accompanies foreclosure contact us Claudio and Robyn Petasne at 954-260-5570.

As experienced Professional Realtors with Keller Williams Realty we have the knowledge and experience to help you through this financial struggle. Short Selling is a much better option than foreclosure for many reasons.

Please call to discuss how we can help you. You can also get more information at our Short Sale website www.AvoidForeclosureinWestBroward.com

Professional Realtors are your best resource for Avoiding Foreclosure!

Don’t Miss July 4th Fireworks Celebrations!

Another Birthday Celebration for our Amazing Country! The United States of America is 236 years old this July!

There are a lot of great, fun, family-events to consider in Broward County this year Here is a listing of several Great Family Fun Cities!

Parkland, Florida sponsors The Red, White and Blue Bicycle Parade held at Terramar Park, 6575 NW 76th Drive on Monday July 4, 2011 from 9:00am-11:00am.

Bring your bike decorated in patriotic colors and parade around the park while the judges’ award 1st, 2nd and 3rd place prizes. This event is open to residents of all ages who want to show their patriotic sprit.

Evolution Martial Arts will showcase a karate/martial arts demonstration. Broward Sheriff’s Office will also have a bike course set up to test the children on bike safety and the Coral Springs/Parkland Fire Truck will be displaying their famous green fire truck! This is a FREE event open to all Parkland residents.

The City of Coral Springs invites you to come for an evening of Fun and Fireworks at the Annual Independence Day celebration, which takes place from 6-9 p.m. at Mullins Park,Wednesday July 4th  located at 10150 NW 29th St. families will enjoy games, bounce houses, food and entertainment. The fireworks display will begin promptly at 9 p.m. The event is free, but there will be fees for food, bounce houses and games. Parking will be available for $3 fee at the Coral Springs Gymnasium for early arrivers, and also at the main Mullins Park/Center for the Arts parking lot. No pets or alcoholic beverages are allowed in the park. Personal fireworks will be confiscated by Coral Springs Police. For more information, please call 954-345-2200.

Another great option is Fireworks at The Beach on Pompano Beach. The Fireworks Extravaganza will begin promptly at 9 p.m. on the city’s main public beach, north and south of the fishing pier by Atlantic Boulevard. Blankets and lawn chairs are welcome.

Thinking of heading to Fort Lauderdale? The city’s centennial events commemorate the Wade-In 50th anniversary. This historic event led to the integration of Fort Lauderdale Beach. Celebration begins 9 a.m. at Eula Johnson house, 1100 NW Sixth St., followed by a state historic marker unveiling at 11 a.m. at A1A and Las Olas Boulevard. Call 954-828-4755 to reserve a seat on the free Sun Trolley.

The “Fourth of July Spectacular” on the beach will have a DJ, beach games and the American Legion Patriotic Orchestra performing. Brass Evolution will also take the stage. Festivities start at 12:30 p.m. The half-hour fireworks presentation blasts off 9 p.m. at A1A and Las Olas Boulevard.

In Hallandale Beach, the kids will have a blast with a bounce house, arts and crafts, pony rides, music and balloon animals from 4-8 p.m. at The Village at Gulfstream Park. Their Fireworks show is at 9 p.m. over Gulfstream Park Racing and Casino, 501 S. Federal Highway.

The Independence Day weekend on Hollywood Beach will feature nightly musical performances at the theater (Johnson Street and Broadwalk) from 7:30-9 p.m. Caribbean Music Farm is scheduled to play tonight, upbeat jazz by Phil Fest & Friends on Saturday and classic rock ‘n’ by White Noise on Sunday. Then on July 4th, country music group Rodeo Clowns will be followed by Galo’s tribute to Santana (6-10 p.m.). Twenty minutes of fireworks will light up the sky over the Atlantic Ocean at 9 p.m. Park at a downtown parking garage and ride the free express bus to Hollywood Beach. Normal downtown parking rates apply.

 

Coral Springs Home Values are Rising

Coral Springs home values are on the rise and for sale inventory has decreased.

It’s a great time to consider selling your home as prices are finally on the rise. With less homes available your home has a better chance of selling faster and at a better price! Take a look at the stats below. Check out seller information at http://www.fortlauderdale-homevalues.com/sell/  and find out what yur home is worth. Call Robyn and Claudio Petasne with Keller Williams Realty  for more information at 954-260-5570

Curnt vs. Prev Month –    Apr. 12    Mar. 12    % Change                              For Sale 432 422 2.4% Sold 113 116 -2.6% Pended 173 183 -5.5%
Curnt vs. Same Month 1 Yr Ago –    Apr. 2012        Apr. 2011 % Change For Sale 432 568 -23.9% Sold 113 99 14.1% Pended 173 140 23.6%
Curnt vs. Same Qtr 1 Yr Ago    Feb 12-Apr 12 Feb 11-Apr 11    %Change For Sale 431 566 -23.9% Sold 102 91 12.1% Pended 158 131 20.6%