Palm Beach County Real Estate Market News 

By Lilianna

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 30, 2019

There are Several Things to Avoid Before Buying a Home to watch for!

Many first-time home buyers are surprised to discover just how many ways you can mess up a home purchase. There are several things to avoid before you close the transaction. If you working with experienced mortgage broker or real estate agent, more than likely a few of these things have already been mentioned to you.

Making mistakes is easy when you have never bought a home before. Avoid these home buying mistakes to keep the stress out of your life!

The first and most important is - Don’t miss loan payments

You must keep your payments current on all your loan accounts, including credit cards and car loans. The lender will look at your credit again before finalizing your mortgage, and if you have missed any payments, the credit scores may get lower. Lenders have the power to revoke a loan just before the closing.

Second - Avoid changing jobs

Changing jobs is not something you should do in the middle of purchasing a home! One of the things lenders look closely at is your employment history. They want to be sure that you are financially stable and capable of making your loan payments. The word stability is something lenders love.

Third - Don’t change a bank

Just like the job and the finances, your banking history and status is part of the equation that leads to you getting pre-approved. Change your bank, and you may not get final approval.

Fourth - Avoid buying a car

Buying a car while purchasing a home is a common mistake. Doing so is also at the top of the list of what you shouldn’t do before buying a home.Unfortunately, purchasing a car can change you expenses ratio and credit scores. Your loan pre-approval was based on the state of your credit and your debt load at the time of pre-approval before you bought a car. Adding the debt for the car may make you unable to get the loan for your home.

Fifth - Don’t buy furniture or household goods on credit

Another mistake many home buyers make is using credit to start preparing for their new living arrangements. You may want to start buying furniture and appliances before closing on your which will change the state of your credit and may throw up a red flag for the lender that leads to the loss of your loan approval.

Sixth - Avoid making large deposits into your bank account or making cash deposits

Money that appears suddenly in your bank account makes lenders suspicious. Lenders refer to the two month period as “seasoning,” and consider it a demonstration of stability and your ability to cover the loan payments. If you make a significant deposit or start doing unusual or unexpected things with your finances before the home purchase, the lender may might back out the loan.

Seventh - Don’t let anyone make inquiries into your credit

Any time you apply for a credit card, a loan or even try to sign up for a new service, like a cell phone service, the company you are working with will check your credit. They do this to determine if you are a safe risk, much as the mortgage lender does.

Eight - Avoid being a co-signer for anyone

When you co-sign a loan, you are obligating yourself financially. No matter how badly you may want to help out a friend or family member, try to postpone co-signing until you have the money for your home purchase.

 

Oct. 22, 2019

Removing Hard Water Stains from Stucco

The most common type of stucco stain comes from something clear that's also used to treat stains: water. In Florida many homes have hard, mineral-rich water running through their pipes that stains their porcelain tubs, toilets and sinks. This same water can stain stucco, which has a porous texture similar to hard surfaces used for kitchen and bathroom fixtures.

One of the most effective ways to clean hard water (yellow) stains is also ironic: gentle water pressure can remove hard water stains. Pressure-washing with too much pressure, on the other hand, can damage stucco surfaces by removing too much of the outer layer and creating more rough and porous areas where stains can set in and build up.

Other sources of stucco stains, ranging from mold, soot and paint to vining plants, grasses and shrubs, can be removed with one or a combination of several methods:

chemically -- with specialized cleaning agents for stone, lime, cement and stucco or with diluted bleach (if tolerated in a sample test of the area to be cleaned)

with water pressure -- using even spraying with a home garden hose and attachment or with a higher-pressure spray system

mechanically -- with brushes and sandpaper or other abrasives and muscle power, detergents and sponges

Whether using a wet or dry method, stucco cleaning should most often be a gentle process. Saturating or pre-wetting stained areas with water will help to draw stains to the surface, and once the pores are full and discoloration is closer to the top, removing problem areas usually won't involve getting rough with the stucco and damaging the surface.

Oct. 13, 2019

Why are there a million For Sale signs on your street?

Have you noticed recent market changes and while driving around your neighborhood there are more for sale signs? asking yourself, what is going on?

People tend to move into areas at certain times of their life for many different reasons. They may just got married, getting divorced, changing a jobs or retiring. People changing their home and location statistically every 6 to 10 years. Sizing down or up and all depend stage of their life. In current market conditions when the market got saturated with new homes listings the average moving time may takes much longer then you have expected.

If you are thinking about moving, odds are others in your neighborhood are too. Your community may tend to mature with it's residents.  Before you know it, there are several other homes listed for sale on your street because your neighbors are in same life stage as you are. They've either outgrown their current home having more children or they become empty nested and children moved out recently and they don't need the 4 bedrooms home  anymore. This is how it usually happens though.  

Since I am a licensed local Realtor with over 20 years experience selling homes in your area and having access to Multiple Listing Services (MLS) I can be very helpful to you and sort homes for sale by neighborhoods and your customize preferences. The market have changed recently to "buyer's market" and what that means to you? 

If you are looking to buy? that's great news. The mortgage rates are still very low and the inventory of homes are saturated. I know how to organize and set up the search for you so you can have the best experience in looking for the dream home. 

If you thinking of selling? Don't panic. Homesellers Realty is one of the primer company to do the job for you.         

Here is why. We will work for 4% listing fee! (not 6 or even 5% including the buyer's agent commission) and we will provide full professional support from contract to closing supporting your listing with First Class Marketing and Advertising. On top of all we will sign unconditional listing agreement that you can cancel at any time with no fees to you and we promise to talk to you personally during the listing period at least once a week with updates and answer our phone when you call or return your call within 30 minutes.

To provide the unique Personal Service we work with small numbers of great clients at a time.

Hopefully now you understand why and how certain neighborhoods have many homes for sale at one time and others don't.  It's usually a function of the age of their residents and community itself. 

Let me help you with any or all real estate related transaction. 

 

 

Sept. 27, 2019

How to choose a Realtor?

The real estate market is not in its best shape, and we can see the consequences of this everywhere. Apart from the growing prices and the hardship of finding the perfect and affordable home, you also have to deal with the difficulties of finding an experienced and trustful real estate agent.

 Due to the current slowing real estate market, many agents no longer have the possibility to support themselves from commission check alone. This means they have to find another source of income, which means a part/full –time job, or another additional business.

With 24 years of experience in this field, I have the chance to see more and more real estate agents that do not have the time and interest to represent their clients properly having another job. They can’t give the 100% attention to close the deal. In respond the clients lose their trust in real estate agents and going straight to the internet for help.

It is a cycle difficult to break, but not impossible.

In this situation, the public have to deal with agents that are non-reponsive or simply they do not care enough about closing the deal having paycheck from another job.

The use of technology also plays its part; with everyone having access to the Internet, there is no wonder that people prefer to look for real estate property online, without getting an agent to represent them.

Even with all this, there are still many real estate agents out there who love their job and understand what difference they can make in someone’s life helping them with smooth and troubles closing.

 Finding the right property is not easy task, especially considering the current market changes, but it is possible.

A full-time experienced agent will take the time to search for the perfect home, negotiate the price to give you the best option and guide you every step of the way. Contact full time Homesellers specialist to work with at 561 512 0459

Sept. 9, 2019

The Home Feature Millennials Love Most

What would you guess is the most important feature millennials look for when buying a home? 

A fabulous kitchen? 

Smart home technology? 

Lots of storage space? 

Wrong!

According to recent research from the National Association of Landscape Professionals, a nice-sized lawn is the No. 1 priority among millennials, even beating out an updated kitchen. A whopping 82% of millennials report that having a outdoor space is the most important feature when buying a home. “While some may assume that trends toward urbanization or the increased use of electronics and technology have resulted in a decreased interest in outdoors lifestyle in younger Americans, the results of our research found just the opposite,” says Missy Henriksen, vice president of public affairs for NALP. “Overall, the results confirm ... Americans have a great appreciation for the value that healthy outdoor environment bring to their lives."

"You can always redo your kitchen, but you can't change the size of your yard." 

"Millennials wants room for a garden, where we can grow our own vegetables, and room for pets and solar panels," "They also wanted a place where everyone can stretch out and enjoy each other, and where their kids can learn the value of hard work. They don't want kids inside playing computer games all the time."

Despite the growing popularity of city life and dense urban housing, the survey found that 81% of Americans surveyed have a lawn, and a vast majority of those surveyed—79%—said a lawn is an important feature when buying a home. Older generations like Gen Xers and baby boomers also deemed bigger yard as one of the most important home features, falling behind only a renovated kitchen and well above other popular features, including updated bathrooms, lots of storage space, and the ever-popular hardwood floors.

Posted in Buying Home Advise
Aug. 20, 2019

Selling home during divorce

Top Tips for Selling Your Home During Divorce

What should you know if you need to sell your home because of divorce? 

Name on title doesn't mean everything.  Just because only one spouse name is on the title, it does not mean that the other spouse does not have equal rights to the property.  People put a property in only one person's name for many reasons. A major reason why only one spouse is named on the title is that one spouse may have poor credit scores and couldn't qualify for the mortgage, however the name of second spouse could be added to the title after the closing. You must consult with an attorney.  Even if a property was purchased prior to marriage, it does not mean that the other spouse may not have a claim to equity in the property.  

The agreement both spouses will be best way to decide.  But this is not easy task to do if you can't agree on anything during the stressful divorce time. Even if you can't agree on who gets the house or whether the house should be sold, you should decide who will pay the mortgage?

Divorce process is the first reason the house in getting to foreclosure because a spouse stop making payments on a mortgage even if she/he still living in the home. Failure to make mortgage payments significantly damage credit scores and lead to bankruptcy or foreclosure. 

You definitely should ask yourself first How much equity do you have? You need to talk to a real estate agent and get an idea of what your home could sell for an current market and fair sale. Knowing how much your home would likely sell for and how much equity you have after paying off the mortgage to the bank including the closing cost should help you make the inform and smart decision forward. Even if you decide not selling it.  Having knowledge how much equity you have on the house help you and your spouse reach an agreement much easier. 

If you decide to sell the next important question is, Who should list our house? Agreeing on which real estate agent to use can to make the process easy and quick with minimum stress and conflicts is your another decision to make. Get help from real estate professional with over 20 years experience and the best clients reviews. A real estate agent who has experience in helping clients going through a divorce will  help you and your spouse reach agreements about main issues before you list your home.  

Again, going through a divorce is already stressful situation. You need to get a good attorney and good Realtor. You wont need to pay attorneys to battle over details of your home sale, when a qualified real estate agent do the job properly.

When you hire a Realtor consider asking for full closing cost estimate and help with calculating you equity. Find someone with great experience dealing in stressful and difficult situation, someone with a proof of excellent customer service based on opinion of previous clients and someone who will sell your home for less, so you can get most of equity of your house.

 

May 6, 2019

Sizing down

Over the last several years, many “baby boomers” become empty nested and their children have finally moved out. Now is the perfect time they can start organize their future. The change in lifestyle might a change in the type of home they need to look for.

That two-story, four-bedrooms is no more needed. The property taxes are too high, the utilities are too expensive and the cleaning and repair are too difficult. 

The perfect home will need to be a nice ranch home with no more then 2-3 bedrooms. The challenge many “boomers” have faced when trying to downsize to the perfect new home has been a lack of inventory of affordable small homes. They attractive to Fist Time Buyers as well as sizing down "boomers".

However, that is starting to change. There is more new developments focusing on smaller and more affordable housing as well as Active Adults Communities full of fantastic amenities and easy transportation. The statistics showings a big increase new listings in lower price range and smaller size homes and the market become much more attractive for "boomers" to move and start a new lifestyle.

If you are a “boomer” thinking of selling your old house in order to buy a new home that better fits your current lifestyle, now may be the perfect time!

Posted in Buying Home Advise
March 14, 2019

5 Reasons To Sell

Below are five reasons listing your home for sale.

1.Demand Is Strong

The buyers demand remains strong throughout most of Florida state. These buyers are ready, willing and able to purchase…and are in the market right now! Take advantage of the buyer activity currently in the market.

2.There Is Less Competition Now

Housing inventory is under the 6-month supply that is needed for a normal housing market. This means that, there are not enough homes for sale to satisfy the number of buyers in the market.

For several years many homeowners were hesitate to list their home, for fear that they would not find a home to move in to. That is all changing now as more homes come to market. 

The choices buyers have will continue to increase over rest of the year.

Don’t wait until this other inventory comes to market before you decide to sell.

3.The Process Will Be Quicker

Today’s access to internet has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing and begin the search process on line. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford and what they looking for in their dream home. 

4.There Will Never Be a Better Time to Move Up

If your next move will be sidedown or sizeup, now is the time to move up! The inventory of homes for sale has forced these markets into a buyer’s market. This means that if you are planning on selling, I will be able to find you home to move in much faster. Prices are projected to appreciate by 4.6% over the next year

5.It’s Time to Move on With Your Life

Look at the reason you decided to sell and determine whether it is worth waiting. Is money more important than being with family? 

Is money more important than your health? 

Is money more important than having the freedom to go on with your life the way you think you should?

 

 

Feb. 2, 2019

Empty Nesters - Downsizing

More and more empty nesters are finding that downsizing to a smaller home is a their financial decision. When kids have left the 5 bedrooms house, you may realize that much of the space in your home is going unused. Downsizing to a smaller home that better suits your needs, giving you more financial freedom and more time to devote to whatever comes next in life like travel or hobby.

The first benefits of downsizing is life with lower or no mortgage payment. 

The reality is that you can also lower your housing expenses. A smaller home uses less energy so you’re lowering utility costs. Less square footage also means fewer rooms to furnish and less space to maintain. Other costs like property taxes and homeowner’s insurance are tied to the value of your home, so buying a less expensive and smaller home reduces these expenses.

Becoming an empty nester is a time of transition, from raising a family to choosing what you really want to do next in life. Owning a large home not only costs more on a regular basis but it also means a large bulk of your money is tied up in where you live. Buying a smaller home that frees up this money gives you the opportunity to invest it so that will grows, giving you more freedom to do things like travel, or create a better cushion for future retirement.

A smaller home means you have less space to clean and maintain, freeing up your time for fun an hobby. For many people whose kids are out of the house, the added time is worth trading in space you’re no longer using.

Becoming an empty nester is already a big change in life, so it’s understandable if you’re a little hesitant about selling the family home. It can be hard to embrace change, but once you do, you often find that closing one door can lead to a new one opening that holds amazing opportunities. Downsizing your home can be that opportunity that frees up your time and finances for the future.

Nov. 6, 2018

The 2018 summer season was unusually slow

Palm Beach County in Florida is always considered one of the best places in America to move to or have a second home. 

With endless beautiful beaches, lakes and waterways connecting to Atlantic Ocean, Palm Beach County is make the best place to live. You can find any types of properties, from rural equestrian ranches, to suburban gated communities as well as waterfront and coastal condominiums and luxury homes. Palm Beach County has something for everyone who likes sunny weather, and close access to water. 

Palm Beach County has been growing in population for last decade very aggressively. The growth is supported by new development that attracts families, investors, seniors and international buyers.  With the large number of buyers, the property values have been on the rise. 

The 2018 summer season was unusually slow for Palm Beach County real estate sales and new listings. 

Now, entering to full season 2018, we are seeing as real estate transactions and new listings are ramping back up.  

The total number of listings available is lower now, than this time 1 year ago and the absorption rate is low, below 5 months.

The sold to list ratio holding steady near 93%.

However, like most years we can expect to see the sales volume rise into the winter months and will likely to continue this year into the spring. Once sales pick up momentum, owners who have been putting off the listing of their property, will begin to find more confidence that this is a great time to sell.

Bottom line: 2018 has been a good year for property owners, as sold and listing prices are up in Palm Beach County.