WASHINGTON – Nov. 2, 2012 – The Federal Housing Finance Agency (FHFA) announced today that it was “encouraged by the results of Fannie Mae’s first Real Estate Owned (REO) pilot transactions and remains committed to pursuing efforts that build upon the success of this initiative.”
The program is controversial. Florida Realtors® and the National Association of Realtors® (NAR) have objected. In many communities, demand for foreclosure properties outweighs supply.
“Today’s real estate market is very different than it was when FHFA started this project,” says Florida Realtors’ Senior Vice President of Public Policy John Sebree. “Market dynamics have shifted dramatically, and few people still believe a bulk sale program is needed. REO time on market is very short, prices are increasing in most areas of Florida, and demand is up nationwide.”
NAR now believes FHFA’s bulk sale program is “a total waste,” Sebree adds. “NAR is doing its best to make sure the program does not go forward.”
In addition to Florida, the California Association of Realtors has strongly objected to the bulk sale program. It filed a Freedom of Information Act request in August to find out more details but hasn’t had a response yet.
Sebree says he expects more discussions with NAR and other major players next week at the National Association of Realtors Conference and Expo in Orlando.
In addition to the 699 Florida properties to Pacifica Companies LLC, the first round of bulk single-family home sales included 94 properties in Chicago purchased by The Cogsville Group; and 970 properties in California, Arizona and Nevada bought by Colony Capital. FHFA also listed properties in Atlanta that did not attract a buyer.
While FHFA seems to be considering new bulk REO sales to investors, it has not yet announced any packages. For updates on Fannie Mae properties, visit its HomePath information webpage.
For more information on the completed deals, visit HomePath’s sale history webpage.
© 2012 Florida Realtors®
Friday, November 2, 2012
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Jacksonville Fl is the place to be
Friday, August 24, 2012
Wednesday, June 13, 2012
Top 10 Home Improvement Myths
Father’s Day is next week, and Dad is sure to get a few tools or gift certificates to a home improvement store that he’ll be itching to use.
Top 10 Home Improvement Myths
1. Any remodeling project will add value to your home.While many remodeling projects will add value to a home, some can be seen as a negative by future buyers. For instance, combining two smaller bedrooms to create one larger bedroom may better fit one homeowner’s lifestyle today, but it may cause the home to lose value in the eyes of a future buyer who needs the two separate rooms.
2. Buying the highest-quality materials attracts more buyers.
Installing high-end materials may seem like a wise decision, but it can backfire. For instance, using the most expensive tile in a bathroom may create an impressive appearance, but value-conscious buyers may opt for a more affordable home if the seller has over-improved compared to others in the neighborhood.
3. Adding square footage always adds value.
A better way to think about this statement is to insert the word useable into the sentence. Finished attics and basements – even if considered liveable by local standards – may not be attractive to a buyer if they are not finished to the same standards as the rest of the home.
4. Colors and textures – safe and simple is better.
Keeping a home “vanilla” so buyers can choose their own style and décor might be a safe bet, but it ignores the fact that most buyers just don’t have the ability to visualize the home differently. Without splashes of color and mixtures of texture, sellers can lose value to others that have taken the time to consult with an interior designer.
5. Inside improvements are better than outside improvements.
Not necessarily. If a home’s exterior has been neglected or doesn’t offer a good curb appeal, a buyer might stop there – and then the seller’s efforts on on the inside may not net them any more dollars. To get the biggest bang for their remodeling buck, sellers should start from the outside and work their way in.
6. Adding a bedroom is better than adding a bathroom.
It depends on the starting point. If a seller only has one or two bedrooms to start with, adding a bedroom before adding a second bath is probably a wise choice since most buyers are more attracted to three-bedroom homes. On the other hand, if the home already has three bedrooms and only one bath, the sellers’s next investment should probably be in a new bathroom.
7. Paint hides a multitude of sins.
Dry rot? Fungus damage? Mold problems? Carpenter ants? Termite issues? Nothing a can of paint can’t fix, right? Wrong! Not only does this practice violate disclosure laws in most states, it can set sellers up for liability after the sale, as most buyers will want the sellers to foot the bill for these hidden issues.
8. Converting a garage to living space is a great trade-off.
Nope. A garage conversion is almost always viewed negatively by future home buyers unless the sellers replace the lost garage with another parking and storage space of equal size.
9. Sellers can save money by doing improvements themselves.
For some homeowners, wiring a new lighting fixture or plumbing a new dishwasher is a no-brainer, but for others it may end up costing more later if they have to have the work redone by a professional. Another consideration is local and state laws regarding remodeling work: In many states if a buyer has purchased a home to remodel and resell, they must either hold a contractor’s license or hire a contractor to do the work for them.
10. Pools add value to your home.
This is only true in areas where pools are must-have amenities. In most areas of the country, pools have more limited appeal – and the idea of maintaining a pool for ten months out of the year when it can’t be enjoyed won’t appeal to most buyers.
Knowing these top home-improvement myths will allow you to help your seller clients choose the right remodeling projects. But don’t stop there. To keep your pulse on the amenities that are coveted most in your market, talk to local remodeling professionals, contractors, and home-improvement specialists on a regular basis.
http://www.jacksonvillerealestate.com
Wednesday, February 29, 2012
Jacksonville Forida Real Estate Agents In Kernan Forest
Rob Burns and Dawn Niermann both real estate agents with Prudential Network Realty have teamed up to focus their efforts on the Kernan Forest community located off of North Kernan Blvd in East Arlington area of Jacksonville Florida. If you are looking for a great team to sell your home call Rob and Dawn today for a no obligation market evaluation. Get your current home value in the Jacksonville area
Monday, January 30, 2012
Why do people decide to sell their home?
Even in our relatively slow market, people are still selling and buying homes. But the length of time people who are selling their home have lived there, as well as the reasons for selling, have changed in the last five years or so. The top reason today is for relocation to a new job. The economy is improving, so the relocation market is bound to remain active for some time as people who don’t have to move gain enough confidence to want to move. Here are some stats from the NAR:
■People are staying in their home longer. The typical seller tenure in home from 2001 to 2008 was 6 years. In 2009, the median years the seller stayed in the home edged up to 7 years. In 2011, the typical seller sold their home after owning it after 9 years.
■Sellers who owned their home for 11 to 15 years almost doubled, rising from a low of only 10 percent of sellers in 2006 to a high of 18 percent of sellers in 2011.
■The motivations behind selling a home have also changed in recent years. The top reason sellers sold their home in the latest profile was for a job relocation, tied with the home sellers home was too small—accounting for 17 percent of home sellers.
■Five years ago, the No. 1 reason was the home was too small at 19 percent, but job relocation barely was on the radar at just 9 percent of home sellers.
■Among home sellers aged 45 to 54, job relocation outpaces reasons to move substantially with 29 percent of home sellers in this age group moving for a job.
■Moving to avoid foreclosure has increased from less than one percent in 2006 to 8 percent of sellers in the 2011 Profile. For more information on the Profile of Home Buyers and Sellers, go to: http://www.realtor.org/topics/homebuyers_sellers_profile
If you have to move or want to move, contact Rob Burns with Prudential Network Realty at 904-485-7455. http://www.jaxhomeseller.com
■People are staying in their home longer. The typical seller tenure in home from 2001 to 2008 was 6 years. In 2009, the median years the seller stayed in the home edged up to 7 years. In 2011, the typical seller sold their home after owning it after 9 years.
■Sellers who owned their home for 11 to 15 years almost doubled, rising from a low of only 10 percent of sellers in 2006 to a high of 18 percent of sellers in 2011.
■The motivations behind selling a home have also changed in recent years. The top reason sellers sold their home in the latest profile was for a job relocation, tied with the home sellers home was too small—accounting for 17 percent of home sellers.
■Five years ago, the No. 1 reason was the home was too small at 19 percent, but job relocation barely was on the radar at just 9 percent of home sellers.
■Among home sellers aged 45 to 54, job relocation outpaces reasons to move substantially with 29 percent of home sellers in this age group moving for a job.
■Moving to avoid foreclosure has increased from less than one percent in 2006 to 8 percent of sellers in the 2011 Profile. For more information on the Profile of Home Buyers and Sellers, go to: http://www.realtor.org/topics/homebuyers_sellers_profile
If you have to move or want to move, contact Rob Burns with Prudential Network Realty at 904-485-7455. http://www.jaxhomeseller.com
Wednesday, January 25, 2012
News this week likely to impact mortgage rates
This should be a busy week of economic news that will like have an impact on mortgage rates, starting with tonight's State of the Union address (9 p.m. ET)
The first Federal Open Market Committee meeting of the year also will take place this week, with Chairman Ben Bernanke holding a press conference, always informative. It is unlikely that the Fed will alter short-term interest rates, but we may discern what the next move by the Fed may be.
Thursday will be interesting as three economic reports will be released: December's Durable Goods orders. A smaller increase than expected would constitute good news for mortgage rates. Probably won't have much of an impact.
December new home sales data will be released about 10 a.m. and is likely to show a slight increase, much like the Existing Home Sales report last week. We will also hear about December's Leading Economic Indicators, which is expected to rise.
The big news of the week will come Friday when the fourth quarter Gross Domestic Product figures will be released. This report can have a major impact on the stock market and on mortgage rates.
Finally, we will hear about the University of Michigan's Index of Consumer Sentiment or consumer confidence. It will tell us if the consumer is more or less likely to buy big-ticket items, which wuld be good for the general economy.
It ought to be an interesting week, especially Friday, and mortgage rates may well be volatile all week.
It's a great time to buy a home, with today's mortgage rates at all-time lows. Interested in learning more? Why not call a real estate professional to guide your home-buying and home-selling decisions. Call Rob @ 904-485-7455.
The first Federal Open Market Committee meeting of the year also will take place this week, with Chairman Ben Bernanke holding a press conference, always informative. It is unlikely that the Fed will alter short-term interest rates, but we may discern what the next move by the Fed may be.
Thursday will be interesting as three economic reports will be released: December's Durable Goods orders. A smaller increase than expected would constitute good news for mortgage rates. Probably won't have much of an impact.
December new home sales data will be released about 10 a.m. and is likely to show a slight increase, much like the Existing Home Sales report last week. We will also hear about December's Leading Economic Indicators, which is expected to rise.
The big news of the week will come Friday when the fourth quarter Gross Domestic Product figures will be released. This report can have a major impact on the stock market and on mortgage rates.
Finally, we will hear about the University of Michigan's Index of Consumer Sentiment or consumer confidence. It will tell us if the consumer is more or less likely to buy big-ticket items, which wuld be good for the general economy.
It ought to be an interesting week, especially Friday, and mortgage rates may well be volatile all week.
It's a great time to buy a home, with today's mortgage rates at all-time lows. Interested in learning more? Why not call a real estate professional to guide your home-buying and home-selling decisions. Call Rob @ 904-485-7455.
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Rob Burns Prudential Network Realty (904) 485 7455 rob@jaxhomeseller.com http://www.jaxhomeseller.com        Listed by: Prudential Network Realty |
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Friday, January 6, 2012
Think Real Estate For Your Retirement
Think Real Estate For Your Retirement
With the uncertainty surrounding stock market investing in today’s post tech-bubble environment, solid and consistent returns on retirement portfolios are harder to come by. On the other hand, real estate has been outperforming the stock market now for some time. So, why not devote a portion of your IRA or 401(k) to investing directly in real estate?Now you can. In fact, since retirement planning is an inherently long-term activity, real estate can be suited ideally for these types of portfolios. As in most things, there are pros and cons, and you need to be aware of the rules. Since IRAs and 401(k)s are tax-deferred accounts, failure to follow the rules exactly may have unforeseen (and substantial) unfavorable tax consequences.
The first thing to bear in mind is that real estate can produce income and appreciation only. Since the amounts in IRAs and 401(k)s are shielded from taxation, there is no depreciation available to aid in the investment return, as is normally the case.
Under the law (Section 408 of the Internal Revenue Code, in case you want to look it up), a retirement account may invest in any kind of real estate, from undeveloped land, to single-family homes and condos. The income and appreciation accumulates mostly tax-free, until you begin taking distributions from the account. There is some income tax owed, however, on income produced to the extent that the property is financed.
For example, if you wish to purchase a $200,000 home using a mortgage to finance 40 percent of the amount, then, 40 percent of the income is subject to ordinary income tax. The remaining 60 percent of the income is tax-deferred in the normal manner.
This problem can be overcome by partnering with others to buy the property. This is especially attractive since financing can sometimes be difficult, as the debt must be a non-recourse promissory note.
As mentioned above, there are plenty of rules governing how these accounts work. First off, you need to transfer your account to an independent custodian that offers real estate as an investment option. You cannot invest in real estate from an IRA that you control — the account must be maintained with an independent manager and cannot be self-directed.
Other limitations are that you cannot transfer any existing property into a retirement account, nor can you purchase a vacation home and rent it to yourself or to your “lineal” family members (that means parents, spouses and children — siblings are allowed).
Also, your business cannot lease space in a property held in your IRA. The idea is that this is an investment purchase and not one from which you will derive any immediate personal benefit.
However, you can purchase investment property and rent it out to third parties. Rents are received directly into the retirement account and expenses are paid out of the account.
Note that if your account does not have enough cash to meet its operating expenses, you will need to withdraw the property from the IRA, thus exposing you to early withdrawal penalties as well as income taxes.
So, while real estate in retirement accounts can be an attractive investment vehicle offering long-term income and appreciation potential and adding to the diversification of retirement portfolios, it also comes with unique risks and requirements. As always, consult with a qualified financial adviser before investing and make sure all angles are covered.
Monday, January 2, 2012
Why should you choose a national brand over a local company?
Why should you choose a national brand over a local company?
Why should you choose a national brand over a local company?In my 10 years in the business I have worked on both ends of the spectrum and will attest to the power of a national brand. I started my career with a small local company, it was a great atmosphere and I really liked the owner but I floundered for my first year. I had no direction, no training and no marketing support. Needless to say I only sold 1 house my first year. Determined to make it in this business I joined Prudential Real Estate. They offered an intense training program which taught me everything I needed to know about the real estate transaction, I had great marketing support and an admin team to back me up. This not only helped me but, also my customers, their properties got more exposure via the massive advertising channels and syndication.
The brand Prudential has a 98% national name recognition and 99% in affluent markets, which is powerful when considering how mobile people are these days. In my market which is Jacksonville Florida, we are home to many major corporations, military bases and vacation home buyers. What people don’t consider when hiring the local brand is someone relocating to our market has never heard of this company and will gravitate toward a familiar logo. Prudential has the largest single agency relocation department consisting of over 800 corporations relocating their employees to our area; this is a huge buyer pool which gets represented by a Prudential real estate agent.
On top of the huge brand recognition, many of the marketing expenses are covered by the company versus the agent which allows the property to get maximum exposure and is not limited by the personal agent’s cash flow situation. This is very important when entrusting one of your largest asset to be represented by an agency. In my opinion Prudential also seems to have higher standards in hiring new agents, agents are encourage to work full time and receive constant support and training to keep their skill sharp in this ever changing marketplace.
The days of yard signs and flyers are over, if your home isn’t being showcased with the latest technologies such as video marketing and social media. You are at a serious disadvantage, with today’s homebuyers starting their home search on the internet they need to be compelled to leave the comfort of their home to come view your property. Prudential has allowed me to merge traditional marketing techniques with my new web 2.0 marketing program to launch my listing head and shoulders above the completion and it shows in the numbers, our office has a 98% list to sale price and has the highest average sale price at $329,537 compared to our next highest competitor at $296,768.
Contact me for a no obligation consultation to discuss our marketing strategy can benefit you in your new real estate transaction.
Sunday, January 1, 2012
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