Buying & Selling Homes with The Collura Team

Have You Put Aside Enough for Closing Costs? There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac defines closing costs as: “Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.” We’ve recently heard from many first-time homebuyers that they wished t

         Don’t Get Caught in the Rental Trap! There are many benefits to homeownership. One of the top ones is being able to protect yourself from rising rents and lock in your housing cost for the life of your mortgage. Don’t Become Trapped Jonathan Smoke, Chief Economist at realtor.com, reported on what he calls a “Rental Affordability Crisis.” He warns that, “Low rental vacancies and a lack of new rental construction are pushing up rents, and we expect that they’ll outpace home price appreciation in the year ahead.” In the Joint Center for Housing Studies at Harvard University's 2015 Report on Rental Housing, they reported that 49% of rental households are cost-burdened, meaning they spend more than 30% of their income on housing. These households struggle to save for a rainy day and pay other bills, such as food and healthcare. It’s Cheaper to Buy Than Rent In Smoke’s article, he went on to say, “Housing is central to the health and well-being

  Why You Should Hire a Real Estate Professional When Buying a Home! Many people wonder whether they should hire a real estate professional to assist them in buying their dream home or if they should first try to go it on their own. In today’s market: you need an experienced professional! You Need an Expert Guide if You Are Traveling a Dangerous Path The field of real estate is loaded with land mines. You need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and ready for you to move in to can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.” A great agent will also have relationships with mortgage professionals and other experts that you will need in securing your dream home.   You Need a Skilled Negotiator In today’s market, hiring a talented negotiator could save you thousands, pe

Rents Skyrocket at Highest Rate in almost a Decade The Consumer Price Index (CPI) was released by the Labor Department last week. An analysis by Market Watch revealed the cost of rent was 3.8% higher than a year ago for the second straight month in June. That’s the strongest yearly price gain since 2007 . This coincides with a report released earlier this month in which  AxioMetrics announced that rents are continuing to increase in 2016. The report revealed:  There was a 3.7% increase in effective rents in the second quarter of 2016 as compared to the same period last year. That the effective rent growth this quarter compared to last quarter was 2.3%. Annual effective rent growth was positive in 49 of the top 50 markets, based on number of units. Only Houston was negative, at -1.4%, as the fallout from energy-industry job losses and excess construction continues. Here is a graph to illustrate the rate of increase over the last several years: Bottom Line  

Study: Gated community homes sell for more   BOCA RATON, Fla. – July 1, 2016 – Homes in gated communities command significantly higher prices – almost $30,000 on average – compared to similar homes in communities without a gate. However, gated neighborhoods' additional amenities can also reduce sale prices because they bring maintenance costs that outweigh the benefits of the amenities, according to recent research published by the American Real Estate Society (ARES). "This study provides clear evidence that homes in gated communities sell at a premium relative to comparable homes in non-gated communities," says ARES Publication Director Ken Johnson, Ph.D., a real estate economist at Florida Atlantic University's (FAU) College of Business and co-developer of the Beracha, Hardin and Johnson Buy vs. Rent Index. The study examined 11 gated communities and a sample of matched non-gated properties, using a data set of housing sales in Shelby Coun

Hurry Up and List Your House TODAY!! That headline might be a little aggressive. However, as the data on the 2016 housing market begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME! The May numbers are not in yet, but the April numbers were sensational. Jonathon Smoke, Chief Economist at realtor.com, explained: “We had a triple crown of April home sales reports, so 2016 is in the pole position to earn best year of home sales in a decade.” And Freddie Mac also expressed a tremendous optimism regarding home sales for the rest of the summer: “Home sales typically rise in the spring and summer months, and we anticipate acceleration in home sales that will surpass 2007’s pace by late summer.” The only challenge to the market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is less than a five-month supply of inventory. This rep

8 Things First-Time Homeowners Never Realize You did it . You bought your first house and it’s yours and you can do whatever you want with it! Well...not so fast. Here, eight things that first-time homeowners often don’t realize before it’s too late. Related:  That you might need to make improvements stat. And that those improvements could require some permits.  But that other improvements could save you money. . That your neighbors might not be as jazzed about your 4th-floor addition as you are.  That you have to follow trash laws.  That lawns require attention during every season. That you might be liable for stuff that doesn’t seem like your problem. That you don’t have to do everything at once. 

      How to Tell If You Should Look for Your First House — Or Renew Your Lease       Consider 5 key questions in your quest to decide whether you’re ready to go for it. Tired of working so hard just to build your landlord’s equity instead of your own? Been dreaming about paint swatches and obsessing over Pinterest projects? Making that leap from renting to owning a home comes with many perks — both financial and emotional. And even though home ownership comes with great responsibility, you might be surprised how achievable it can be Certainly, the best time to trade security deposits for a down payment is different for everyone. If you’re thinking about switching from renting to owning, ask yourself these five questions to decide if you’re ready to embark on the home ownership adventure. 1.  Are You Financially Prepared?

Renting vs. Buying: What Does it Really Cost? Some Highlights: The percentage of income needed to afford a median priced home is almost half the percentage of income needed to afford median rent. Buying costs are significantly less than renting costs. The percentage of income needed to afford a median priced home is less than the historic norm. Call The Collura Team To find out if you can buy a home instead of Renting ! 352-279-0899

Mortgage Rates Remain at Historic Lows The latest report from Freddie Mac shows that the 30-year fixed-rate mortgage averaged 3.61% last week, slightly down from the week before (3.66%), and nearly 20 points lower than a year ago (3.80%). This is great news for homebuyers who are dealing with rising prices due to a low inventory of homes for sale in many areas of the country. Freddie Mac expressed their optimism for the rates to remain low throughout the spring in a recent blog post : “We expect mortgage interest rates to stay well under 4% as we head into the heart of the spring homebuying season. We're predicting it to be the best one in 10 years, which should provide even greater opportunities for first-time homebuyers.” Below is a chart of the weekly average rates in 2016, according to Freddie Mac. Rates have again fallen to historic lows yet many experts still expect them to increase in 2016. One thing we know for sure is that, according to Freddie

    Warren Buffett: There is No Housing Bubble With home prices expected to appreciate by over 5% this year , some are beginning to worry about a new housing bubble forming. Warren Buffet addressed this issue last week in an article by Fortune Magazine . He simply explained: “I don’t see a nationwide bubble in real estate right now at all.” Later, when questioned whether real estate and/or mortgaging could present the same challenges for the economy as they did in 2008, Buffet said: “I don’t think we will have a repeat of that.” What factors are driving home prices up? It is easily explained by the theory of supply and demand. There is a lack of housing inventory for sale while demand for that inventory is very strong. According to a recent survey of agents by the National Association of Realtors (NAR), buyer traffic was seen as either “strong” or “very strong” in 44 of the 50 states (the exceptions being: Alaska, Wyoming, North Dakota, West Virginia

collurateam.com     Ceiling fans cut energy bills by up to 30 percent. Using a ceiling fan with an air conditioner will allow you to set the thermostat higher without sacrificing comfort. A fan's breeze will make a 79-degree room feel like 72 degrees. In the winter, a ceiling fan on reverse will recirculate warm air that naturally rises, bringing warm air into the living space. Small tips can add value to your home and lower your energy bills. Thinking about buying or selling a home? Let me be your resource for local real estate information. The Collura Team Keller Williams Realty Joy: 352-585-0504 John: 352-279-0899 collurateam@gmail.com collurateam.com Copyright 2015 Keller Williams® Realty, Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and o

Vacation Home Sales: Sales Down, Prices Up The National Association of Realtors recently released their 2016 Investment and Vacation Home Buyers Survey . The survey revealed many characteristics of both vacation home purchasers and investors. Today, we want to concentrate on the vacation real estate market. The survey found that vacation home sales last year declined to an estimated 920,000, down 18.5% from their most recent peak level of 1.13 million in 2014. However, this is still the second highest number of vacation sales since 2006. Lawrence Yun, NAR’s chief economist explained: "The expanding pool of buyers amidst a dwindling number of bargain-priced properties led to tighter supply and fewer sales and caused the price of vacation homes to rise. Furthermore, the turbulence that hit the financial markets the second half of the year likely seized some would-be buyers' available cash." As Yun mentioned, the sales price of vacation homes

2016 Home Sales Doing Just Fine!! Some of the housing headlines are causing concern for some consumers who are in the process of either buying or selling a home. Pundits are concerned over the lack of new construction or the month-over-month sales numbers. Let’s set the record straight; 2015 was a good year for residential real estate in the United States and 2016 is starting out stronger. Here is a graph of total homes sold (new construction and existing homes) in the first two months in 2016 compared to last year: Will this momentum continue? If we look at foot traffic (the number of purchasers currently out looking at homes), we can see that the spring buying market has started early and all indicators point to the fact that we may have the best spring in over a decade. Bottom Line The 2016 housing market started out well and looks to be gaining steam. If you are thinking of buying or selling a home, now may be a great time.

3 Charts That Scream ‘List Your Home Today’ In school we all learned the Theory of Supply and Demand . When the demand for an item is greater than the supply of that item, the price will surely rise. SUPPLY The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.4-month supply. This is considerably lower than the 6-month inventory necessary for a normal market. DEMAND Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand in February significantly outpaced the last six months. Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home  (if they even are able to find a home they wish to purchase). Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate