Free Moving Truck
Hello, everyone. Thank you for joining me today.
I am so appreciative of all the clients I’ve had over the past 12 years. That’s why we have our Customer Appreciation Program.
Anyone who buys or sells with us has access to our moving truck! That’s just one less thing you have to worry about on moving day.
So if you know of anyone looking to buy or sell, have them give us a call or ask if we can call them!
Thanks for watching!
Attorney Bart Saunders Discusses Short Sales
Hey, everyone. Thanks for visiting my video blog.
Today, I wanted to talk about a tough subject. We all go
through some hard financial times and it can be hard to know where to turn.
That’s why I have real estate attorney, Bart Saunders with us.
He’s here to help explain more about what a short sale is
and what else is happening in the mortgage and banking industry.
Bart Saunders:
I want to thank Mark for having me. Being well informed is
one of your best tools when facing financial hardships.
In 2007, former President Bush implemented the Debt Relief
Act. He saw that families all over the country were having difficulties; he
wanted to offer a tax relief to those families.
The Debt Relief Act forgives any income tax on the
deficiency of a short sale. In most cases, when someone is facing a short sale
we are looking at an excess of tens of thousands of dollars. This act is a huge
relief.
We are predicting, though, that this act will end at the end
of 2013. That means those facing short sales, foreclosures, bankruptcy in 2014
will not be able to get this relief and will have to pay the deficiency
according to their tax bracket.
That’s why if you are thinking about short sale, start now.
It takes about 90-150 days to get a short sale approval. During that time, you
need a good real estate agent who can keep buyers interested for that long.
Mark had asked me if foreclosure is ever the better option
versus a short sale. While every situation is different, nine out of 10 times,
short sale is the better option.
Also when it comes to your credit, bankruptcy is the worst,
then foreclosure and short sale being the best of the three options.
Please, don’t hesitate to ask questions and get started.
Take advantage of the relief. You can give me a call at 321.319.0459 or give
Mark a call and we can help.
An Explanation of the Rising Interest Rates
Hello everyone, welcome back to my real estate blog!
This
weekend I went to Blizzard Beach with some good friends and they
asked how the market is doing. As you know, interest rates have been
on the rise. So, I have my friend Bruce Woodburn from Summit Home
Mortgage with us today to help us understand more about the rising
rates.
Bruce:
Here’s what’s happening, interest rates went from the mid to high
3s to the mid to high 4s. They are even starting to push to the lower
5s. We are definitely seeing an increase in interest rates and that
has had some effect on a buyer’s power. Because of this, I wanted
to ask you how interest rates are affecting the transactions between
buyers and sellers.
Mark:
What I’m noticing is it has caused a lot of buyers who are on the
fence to jump off one way or another. The buyers who jump off and
purchase a home are fueling the already active market. So for sellers
it’s really great. Do you think it’s great for buyers?
Bruce:
Well, I’ll tell you something, we’ve had unrealistic rates. Even
with the increase we are still at historically low rates. People have
become spoiled. I think this is a huge buying opportunity. We are
going to continue to see interest rates rising, but it’s still a
buying opportunity. One of the dilemmas we are having, though, is the
buyers don’t have a lot of selection.
Mark:
This is true; we have a very low inventory. Typically, a normal
market has a six month supply of homes; we are currently experiencing
a 2.5 month inventory. What that means is prices have absolutely
stabilized and they are on the rise.
Bruce:
Are you seeing buyers being able to have a lot of negotiating power
and get a price below the listing price?
Mark:
We are seeing prices at listed and above and that is driving up that
market. I want to thank Bruce so much for helping us today. If you
want to learn more about what we have been talking about today you
can contact Bruce at 407.869.8830 x109 or you can contact me at
407.956.6165
Thanks
for watching!
Is Summer a Good Time to Sell in Orlando?
Welcome back to the Ramey Group’s video blog with continuing information on the real estate market in the Orlando area.
The other day I was at Blizzard Beach and someone asked me a question about whether summer is the best time to sell your home.
Well, I have a three-part answer to that!
1. Summer is a good time to sell because kids are out of school. What that means is, if you are a seller, the buyers are there and truly motivated to get their homes under contract and get closed so their children can get into a school district.
2. Historically, in May, June and July there is about a 10% increase in our buyers.
3. We are currently experiencing the lowest inventory in six years!
The next 30 days will be a great time for anyone considering selling a home! I even have a hard time finding quality homes for my buyers, so if you or anyone you know is interested in selling, give me a call at 407.956.6165!
Our Success is Due to You and Your Referrals
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We are pleased to announce that each year since the "Orlando Hot 100" award has been given out, the Ramey Group has been named to the “Orlando Hot 100” by The Orlando Magazine.
The magazine gives this honor in its June issue to
residential real estate teams who list and sell the highest number of homes
in the Orlando area.
Our success, as honored by this magazine, could not have
been possible without the help of all our clients who referred us to friends,
relatives and co-workers. We thank you deeply for your part in our
accomplishments.
I and the rest of the Ramey Group are committed to providing
outstanding real estate insights and service whenever you or someone you know
is buying or selling a home. When you are ready to buy or sell – or if you just
have questions about real estate – let us know how we can help.
Mark Ramey 407-956-6165 therameygroup@cfl.rr.com
Thinking About Buying or Selling?
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After 2007 it got a little rough in the real estate market. Inventory was way up because of all the foreclosed and distressed homes on the market, so with supply up, prices inevitably went down. Fast forward to today. It’s a different story because there’s nothing but improvements across the board. Sales are up, inventory is down, and it’s taking less time to sell homes. There are two things you need to know as to why now is a great time to buy and sell. First, buyers are enjoying low interest rates, and banks are finally lending once again. Many first-time home buyers are eager to lock in low rates on 30-year mortgages. On the other hand, sellers are enjoying a market that is ripe for the opportunity. So what does this mean for the buyer and seller?
If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids for homes in good condition, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers.
So when selling your home, if you want to get top dollar for your property, take advantage of the low inventory. Here’s the thing: supply and demand affect what you’ll get for your home. When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home. At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.
If you’re in the market to buy a home, be aggressive. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers.
Right now, buyers can afford more of a home because of low interest rates. Interest rates are still below 4% with some as low as 3% with a 15- or 20-year fixed-rate mortgage. Keep in mind that mortgage bankers are eager to lend. When interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment. So why wait?
We can tell you where to be positioned and how to be successful in the market. Get ahead of the rush and give us a call (407) 956-6165. We’d be happy to assist you.
The First Buyer to Make an Offer is Usually the Most Interested Buyer
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We’ve seen it time and again. A seller eagerly lists their home, finds a buyer with a serious offer but chooses to wait things out and see if other (better) offers come along. While it can happen and it does sometimes, the problem is that there is a process usually followed by buyers and along with it a pipeline. Here is a look at how they lead up to making an offer and how by the time the first buyer seriously considers your home they are likely the most viable one.
Buyers Are More Educated
With
the advent of technology, the entire real estate industry has changed.
Gone are the days when buyers would rely solely on their agent to find a
home to suit their needs. Today, the Internet has taken over. In fact,
studies show that over 90% of buyers spend weeks online searching for
their perfect home before even talking to an agent.
So by the time a buyer is at your doorstep with an offer, there is a good chance they have thoroughly researched every aspect of the local market. They are fully aware of your competition, have weighed all pros and cons of your home and are seriously interested in your property. After countless open houses and obtaining plenty of education about the real estate market in their area, they know when they see a property that suits their needs. In many cases they are waiting for the perfect one to become available so the minute it does, they make an offer.
By the Time They Make an Offer, They Are Well Into the Process
Where sellers go wrong is to want to wait for more
offers. In the process, those very serious buyers that have already
made their interest in your home known will likely find another home to
suit their needs. Buyers today are savvier than ever before – and with
that education that they so readily find and absorb from various sources
(the Internet, other publications, their peers, professionals) they
have an acute knowledge of the market.
In the process of selling your home, it is critical to keep all factors in mind. Factors such as the condition of the market, your agent’s recommendations, current inventory levels, the number of days most properties remain on the market before being sold and of course prices. Putting all of that into play will change how you handle that first buyer but remember – the first buyer will almost always be your best buyer.
~
Be Unemotional When Buying a Home to Get the Best Value!
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Want to break your heart and your bank account at the same time? Then buy a new home based on the fact that you've fallen in love with it!
Needless to say, you should never do this!
In some cases, when you fall in love with the "pretty face" of a house, you fail to look underneath and find problems like bad wiring, leaky roofs, bad foundations, etc. This is an extremely expensive way to buy a home!
A funny and sad example of this is shown in the 1986 film, The Money Pit, starring Tom Hanks and Shelley Long. They make the mistake of falling in love with a home and think they're getting a $1,000,000 property for only $200,000.
Once they get into the home, they find out it'll cost a million to repair it! It's got wood rot, a bad roof, bad plumbing, bad electricity, even bad raccoons!
Well, that's Hollywood exaggeration, of course. After all, The Money Pit was a comedy. But, when things like that happen to you, it's no joke. Repairs can cost you a lot of money and heartache, not to mention dangerously rising blood pressure!
So, again, never ever fall in love with a house at first sight! Easier said than done, you say? How do you avoid this tendency? Below, I offer some solutions to the problem!
Solutions 1: Get Cold Hard Facts about the Home!
When I talk about "cold, hard facts," I'm talking about getting the house evaluated by a certified home inspector.
It's well worth the money to have this job done because the inspector will cast the objective eye you lack on the property. He or she will evaluate every aspect of a house - roof, plumbing, wiring, foundation, etc.
The cost of a home inspection varies with the region of the country. Nationally, they range from $200 to $400. But, for the investment of, say, $200, you prevent yourself from losing thousands of dollars in repairs in two ways.One, you can simply walk away from the deal. Or, two, you can require that seller fix all items before you sign a contract!
Bonus: Often, you can ask that the seller pay for the home inspection!
Solution 2: Cool Off and Take Your Time!
Infatuation with a home is fun and exciting, and you can have the overwhelming temptation to buy an attractive home practically "on the spot."
My advice - walk away and come back several hours later, especially after you've viewed other properties! By then, it's likely you'll have a more objective eye.
Solution 3: Keep It Simple!
By this I mean that you should stick within your price range. You want the best hom e at the best price within your means! So, if you see an outwardly gorgeous home at, say, $10,000 above your price limit, say, "I love you, but you're way too pricey for me!" and walk away from the temptation!
Solution 4: Rely on Your Realtor!
At heart, I and other professional realtors like me, want you to have a home that meets your needs in the best way possible. That means preventing you from buying a home that's in substandard shape and/or beyond your means.
To be perfectly blunt about it, I rely on great word of mouth from satisfied customers to make the most of my real estate career. So, you have my promise that I'll do my absolute best to get you into the house of your affordable dreams!
Need that objective eye to help you make a smart home-buying decision? Contact us today.
Clearing Up Rumors About the 3.8% Healthcare Reform Bill Real Estate Tax
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It’s easy to understand the immediate hype that came about once the new Healthcare Reform Bill of two years ago resulted in a new real estate tax to be imposed beginning January of 2013. But a lot of the hype has been misguided. In fact, today I’d like to clarify exactly how and when the tax applies.
New Real Estate Tax Applies To
Transactions With Capital Gains
Keeping in line with capital
gains tax laws, single persons are exempt from taxes on up to $250,000 of
capital gains and married couples exempt up to $500,000 of capital gains.
In other words, considering a
home that was bought for $300,000 and then sold for $400,000 – there is a no
capital gains tax for either a single person or married couple since the profit
is only $100,000 on this property. Assuming you fall into the category of
applicable taxpayers, you only pay taxes if you sold it for over $500,000 of your purchase price.
Consider a home owned by a married couple that sold for $900,000. The $600,000
profit will result in a capital gains tax on $100,000 of the profit – the
amount that exceeds the $500,000 limit. In this scenario if it were an
unmarried seller there would be a capital gains tax on $350,000 of the $600,000
profit.
Tax Applicable Only For Higher
Income Individuals and Couples
Many people have been under
the impression that all home sales will be taxed – for example according to
common misinformation the sale of a $300,000 home would generate ten to twelve
thousand dollars in tax. The tax is not on your entire sales price.
The truth is the only scenario that would amount to the additional 3.8% tax is
when a seller will be paying a capital gains tax and they fall within the income guidelines of the new law.
Looking again at our example
above, assuming the home sold for $900,000 and the seller is a married couple,
on a $600k profit the additional tax is $3800 – not $27,000 as the current
rumor mill might calculate.
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