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Tight inventory could extend spring selling season
WASHINGTON – Aug. 15, 2016 – In many Florida school districts, kids are already heading back to school after the summer break. While households with children commonly strive to buy a home in the late spring to get settled in before the new school season starts, rising home prices and a lack of homes for sale may mean more families have been forced to continue their house hunt into fall.
“Despite recent industry reports to the contrary, busy families require hands on attention and unparalleled transaction and local market knowledge and regularly turn to full-service agents, who provide a broad range of services and manage most aspects of a home purchase and sale,” says National Association of Realtors® (NAR) President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.
The median days on market to find a buyer was 32 days in May (the shortest time on record) and 34 days in June. In Florida, it took an average of 41 days in June, according to Florida Realtors’ research department.
Fewer and faster selling houses on the market translate into more pressure to make quick decisions, and despite advances in online real estate information and technology, most consumers still prefer buying and selling a home through a real estate professional. While more than 8 in 10 buyers worked with an agent to purchase a home last year, according to NAR’s 2015 Profile of Home Buyers and Sellers, agent use is even higher among buyers ages 36 to 50 (87 percent) and 35 and younger (89 percent) – the demographics most likely to have school-aged children.
“Buyers with children have a slightly harder time finding the right property, likely because of their desire to purchase a home that best meets their family’s needs or is in their preferred school district; 53 percent of families with children cited finding the right property as the hardest step in the buying process compared to 50 percent of buyers without children,” says Salomone.
In many cases, families are looking to move because their current home is too small (cited most at 29 percent for families with children at home compared to only 9 percent with no children at home); a job relocation (23 percent), or a change in their family situation such as birth of another child, marriage or divorce (12 percent). The typical homebuyer with children bought a 2,100-square-foot detached single-family home with four bedrooms and two full bathrooms.
Nearly 80 percent of recent sellers worked with an agent that provided a full range of services; only 9 percent received a limited set of services and 12 percent of sellers worked with an agent to list their home on the multiple-listing service and received few if any additional services. Sixty-two percent of sellers with children at home negotiated their agents compensation compared to 68 percent of sellers with no children at home.
When choosing a buyer’s agent, parents with children under 18 at home want someone who can provide more mobile-ready, easy-to-access information; 71 percent said it was important when choosing an agent that he or she sends postings as soon as a property is listed or its status changes; sends property info and communicates via text (59 percent); sends market reports on recent listings and sales (55 percent); sends emails about specific needs (56 percent); and has a mobile site to show properties (30 percent).
When it comes to seller’s agents, twice as many parents with children at home needed to sell their home urgently compared to those with no children at home (24 percent compared to 12 percent), perhaps to time transactions around the school season. It makes sense then, that sellers with children at home placed a higher priority on selling their home within a specific timeframe (22 percent) and help pricing it competitively (19 percent); compared to sellers with no children at home (20 percent and 15 percent, respectively).
Busy parents also rely more on referrals for finding their seller’s agent: 46 percent of sellers with children at home first found their agent through a referral from a friend, neighbor or relative, compared to only 40 percent of sellers with no children at home.
When it comes to the home search, buyers who have children under the age of 18 living in their home said that the quality of the school district and convenience to schools was a strong influencing factor of their neighborhood choice. Recent buyers with children cited quality of the school district as an influencing factor (at 50 percent compared to 11 percent with no children in home), as well as convenience to schools (at 46 percent compared to 6 percent).
“If you are thinking of buying or selling a home this fall, don’t be intimidated by the market or process while kids are back in school; overall, the fundamentals of the market are strong,” says Salomone.
For charts about families with children who are buying or selling a home, visit NAR’s website or view here:
© 2016 Florida Realtors®
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If you’re a first-time homebuyer, you’ll have a much easier time finding and financing your next home if you follow these tried and true tips
- Hire an experienced Realtor®: Buying a first home is a complex process. Your Realtor will assist you through the hurdles of neighborhood searches, comparing homes, making an offer, inspections and appraisals, as well as help you identify the best values.
- Check and repair your credit: Banks use your credit scores to make lending decisions, so make sure your credit is accurate and deficiency-free. Order your credit reports and scores by visiting http://www.annualcreditreport.com so you can make repairs, if needed.
- Get pre-approved: To get pre-approval, you have to apply for a loan and share your income, work history, debts and other information. Your lender will confirm your down payment source, interest rate, type of loan and loan term. Only then will you know exactly how much home you can buy.
- Check out federal, state and local government incentives: To learn about first-time home buyer programs, see: grants.gov or hud.gov. Click on Housing Authorities to find out what’s being offered in your community.
- Prepare to compromise: There’s no perfect home, so you’ll have to prioritize your wish list. Older homes often need cosmetic work so expect to pay more for a home in pristine move-in condition.
- Make a long-term investment: Equity is built over time, so plan to occupy your home for several years or more. Your home is also an investment in happiness and that can be the best deal you ever make.
- Download this handy Homebuyers Guide:
Thinking about going it alone?
Are you tempted try a For Sale by Owner (FSBO) transaction because your local community is in the midst of a sellers’ market and you think they can sell easily without help. Or do you want to try the FSBO route to maximize your profits and avoid paying a commission to a Realtor?
Even though, statistics show that selling your home with the assistance of a professional real estate agent will garner you a higher profit, enough to cover the commission as well as put more money in your pocket your experience with a For-Sale-By-Owner may be contrary to what others have experienced. According to the National Association of Realtor’s 2015 Profile of Home Buyers and Sellers, the average FSBO sales price was $174,900, while the average price for a home represented by an agent was $215,000, a difference of $40,100. If you want to go it alone, here are some tips that may help you achieve results similar to what a Realtor may.
20 Steps to Achieve Success with a FSBO
This information is provided by our affiliate Florida Title & Guarantee Agency
What is Title Insurance?
A Title insurance policy protects against loss in the event of a claim against your ownership, or against a lender’s mortgage interest in your property. Even though a title examiner has reviewed the public records, there are risks that are not revealed during this process. Claims on title insurance policies include fraudulent deeds, and deeds issued by individuals with legal incapacity.
Title Insurance is your protection against such risks. Title insurance coverage lasts as long as you retain an interest in the property. Unlike other insurance premiums which must be paid annually, a title insurance premium is paid one time only, usually at settlement. When you refinance a mortgage, you will be required to provide a separate title insurance policy for the new mortgage. This coverage is separate from your existing owner’s coverage.
When a home is being sold/purchased in Palm Beach County, the seller typically pays the owner’s policy. In Martin, Broward and Miami/Dade Counties the buyer typically pays. However, this cost it always negotiable between the buyer and seller.
10 Common Title Problems
Have you ever wondered why you need title insurance? Your home may be new to you, but every property has a history. A thorough title search can help uncover any title defects tied to your property. And, subject to the terms of the policy, your title insurance provides protection for you from title problems that may become known after you close your transaction. Some of these common title issues are:
- ERRORS IN PUBLIC RECORDS: To err is human, but when it affects your home ownership rights, those mistakes can be devastating. Clerical or filing errors could affect the deed or survey of your property and cause undue financial strain in order to resolve them.
- UNKNOWN LIENS: Prior owners of your property may not have been meticulous bookkeepers – or bill payers. And, even though the former debt is not your own, banks or other financing companies can place liens on your property for unpaid debts even after you have closed on the sale. This is an especially worrisome issue with distressed properties.
- ILLEGAL DEEDS: While the chain of title on your property may appear perfectly sound, it’s possible that a prior deed was made by an undocumented immigrant, a minor, a person of unsound mind, or one who is reported single but in actuality married. These instances may affect the enforceability of prior deeds, affecting prior (and possibly present) ownership.
- MISSING HEIRS: When a person dies, the ownership of their home may fall to their heirs, or those named within their will. However, those heirs are sometimes missing or unknown at the time of death. Other times, family members may contest the will for their own property rights. These scenarios – which can happen long after you have purchased the property – may affect your rights to the property.
- FORGERIES: Unfortunately, we don’t live in a completely honest world. Sometimes forged or fabricated documents that affect property ownership are filed within public records, obscuring the rightful ownership of the property. Once these forgeries come to light, your rights to your home may be in jeopardy.
- UNDISCOVERED ENCUMBRANCES: When it comes to owning a home, three can be a crowd. At the time of purchase, you may not know that a third party holds a claim to all or part of your property – due to a former mortgage or lien, or non-financial claims, like restrictions or covenants limiting the use of your property.
- UNKNOWN EASEMENTS: You may own your new home and its surrounding land, but an unknown easement may prohibit you from using it as you’d like, or could allow government agencies, businesses, or other parties access to all or portions of your property. While usually non-financial issues, easements can still affect your right to enjoy your property.
- BOUNDARY/SURVEY DISPUTES: You may have seen several surveys of your property prior to purchasing, however, other surveys may exist that show differing boundaries. Therefore, a neighbor or other party may be able to claim ownership to a portion of your property.
- UNDISCOVERED WILL: When a property owner dies with no apparent will or heir, the state may sell his or her assets, including the home. When you purchase such a home, you assume your rights as owner. However, even years later, the deceased owner’s will may come to light and your rights to the property may be seriously jeopardized.
- FALSE IMPERSONATION OF PREVIOUS OWNER: Common and similar names can make it possible to falsely “impersonate” a property owner. If you purchase a home that was once sold by a false owner, you can risk losing your legal claim to the property.
Play it Safe
These and other issues are often covered by an Owner’s Policy of title insurance. When you buy a home, make sure you’re protecting that investment with title insurance.
Find more information here:
Florida Title & Guarantee Agency
PROVIDED BY AN INDEPENDENT POLICY-ISSUING AGENT OF FIRST AMERICAN TITLE INSURANCE COMPANY©2015 First American Financial Corporation and/or its affiliates. All rights reserved.
The Shores of Jupiter
There are currently 5 houses for sale and 11 under contract in The Shores of Jupiter. See the chart below for the latest activity in this market.
The Shores of Jupiter Market Update – May 10, 2016[/caption]
The Shores of Jupiter is an established neighborhood zoned for Jupiter’s A-Rated schools. It is conveniently located to I-95 and the Florida Turnpike. The Loxahatchee River, Florida’s Intracoastal and beautiful natural beaches and parks are within 4-10 minute drive. The homes are affordable in this well-maintained community with the price of 3-5 bedroom homes ranging from the high-300ks to the high-500ks. Most of the homes were build in the late 1980s to the early 1990s many have been updated, some have not. Those that have not been updated offer a more affordable price point and opportunity to buy in the highly-sought-after community.
Homes for Sale in The Shores of Jupiter
Call to schedule an appointment to tour available homes: 561-809-6746.
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