Government: Home Prices up 1.8% in Three Months

 

WASHINGTON – Aug. 24, 2012 – U.S. house prices rose 1.8 percent from the first quarter of 2012 to the second quarter, according to the Federal Housing Finance Agency’s (FHFA) seasonally-adjusted purchase-only house price index (HPI).

It’s the most significant quarter-to-quarter increase since 2005. The HPI is considered reliable because it looks at same-home sales over time, using price information from Fannie Mae and Freddie Mac.

Seasonally adjusted house prices rose 3 percent year-over-year from the second quarter of 2011 to 2012. FHFA’s seasonally adjusted monthly index for June was up 0.7 percent from May.

“Although some housing markets are still facing significant challenges, house prices were quite good in most areas in the second quarter,” says FHFA Principal Economist Andrew Leventis. 

“The strong appreciation may partially reflect fewer homes sold in distress, but declining mortgage rates and a modest supply of available homes likely account for most of the price increase.”

FHFA’s expanded-data house price index – a measure that adds transaction information from county recorder offices and the Federal Housing Administration (FHA) to HPI data – rose 2 percent over the latest quarter. Over the latest four quarters, the index is up 2.4 percent.

Findings

• The seasonally adjusted purchase-only HPI rose in the second quarter in 43 states.

• Of the nine census divisions, the Mountain division experienced the best prices in the latest quarter, posting a 4.2 percent price increase. Conversely, prices were weakest in the New England Division, where prices were flat over the quarter.

• As measured with purchase-only indexes for the 25 most populated Metropolitan Statistical Areas (MSAs) in the U.S., second-quarter price increases were most significant in the Miami-Miami Beach-Kendall Metropolitan Statistical Area Division (MSAD.) That area saw prices increase by 8.3 percent between the first and second quarters.

• Prices were weakest in New York-White Plains-Wayne, NY-NJ MSAD, where prices fell 1.5 percent.

FHFA’s purchase-only and all-transactions HPI track average house price changes in repeat sales or refinancing the same single-family properties. 

The purchase-only index is based on more than 6 million repeat sales transactions, while the all-transactions index includes more than 46 million repeat transactions. 

Both indexes are based on Fannie Mae's and Freddie Mac's data for mortgages over the past 37 years.
© 2012 Florida Realtors®

To complete Real Estate Listings in South Florida (MLS), go to my website
https://www.sunnyislescondosRE.com
Gladis Henriquez, Real Estate Agent, Optimar Int Realty, 305-281-8653 – Sunny Isles Beach, FL 33160

Miami's Ongoing Evolution – Icon Bay

ICON BAY by The Related Group

40 story tower with 300 units
Blocks from Downtown (cultural facilities-museums, performing arts center), Midtown, Wynwood, and Design District.
Minutes from Genting Miami World development and Paramount Bay Tower.
Few minutes from downtown Brickell.
Close to Miami International Airport.

All units face Biscayne Bay with amazing views of South Beach.
All units with Private elevators.
Elevated 3rd-floor lobby directly connected to all elevators and private garage.
Ample parking
All units with 1 assigned self-parking space

Amenities:
Infinity waterfront pool
Party room
Complete fitted out gym and spa

Waterfront park:
20,000 ST fenced neighborhood park
Lush landscape with interactive fountains
400 SF of waterfront
10% Reservation
10% at Contract
20% at Ground Breaking (Approx. January/February 2013)
10% at Top Off (16 months later)

Balance at Closing (Approx one year after)

Preliminary Information. Subject to change without notice.

My real estate office is at 18246 Collins Ave, Sunny Isles Beach, FL 33160. I specialize in selling condominiums, luxury property, waterfront homes, new construction projects, and Real Estate Investments throughout Dade County. 

My real estate website is easy to navigate and available in multiple languages. I am fluent in English and Spanish.

To view complete Real Estate Listings in South Florida (MLS), go to my website
https://www.sunnyislescondosRE.com

Gladis Henriquez, Real Estate Agent, Optimar Int Realty, 305-281-8653 – Sunny Isles Beach, FL 33160

 

Multiple Offers Possible in Tight Housing Market, Experts Say

FORT LAUDERDALE, Fla. – Aug. 23, 2012 – Bidding wars are back as the housing market continues recovering.

After years of lackluster sales and sagging prices, demand is growing while the number of homes for sale shrinks.

Those market conditions drive multiple offers in many areas. However, real estate agents and other housing followers say sellers still can take practical steps to boost the level of interest among buyers.

• Price it as low as possible. Many sellers and their agents obviously underprice homes to attract bidding wars. Douglas Rill, a broker at Century 21 America’s Choice in West Palm Beach, Fla., refers to the tactic as “drama pricing.”

Rill said he was instructed by the lender to list a West Palm Beach home with a leaky roof and other problems for $37,600, even though comparable sales supported a listing close to $50,000.

“Do you know what that does to my cell phone?” Rill said. “It blows it up.”

The bank’s strategy worked. More than 70 potential buyers toured the home, which eventually sold for $51,000.

At the very least, agents say, sellers should list their homes at the low end of market value, which will draw in buyers who sense they’re getting a good deal.

• Pay for an inspection, and lien search. Buyers typically cover those, but motivated sellers can go on the offensive to prove the home is in good condition and free of title problems that delay closing.

“You may be able to attract multiple offers just because the buyers will know what they’re getting,” said Marta DuPree, a broker for Keyes Co. in Broward County, Fla.

• Offer owner-financing. This only works for sellers who own the property outright. But it’s an option to consider, especially for condominiums in which government financing is limited.

• De-clutter. Getting rid of all those books, magazines, and board games you haven’t touched in years will help make the home seem more significant and appealing.

“Buyers are visual,” said Judy Trudel, an agent for Balistreri Realty in Lighthouse Point, Fla. “Clean and crisp sells.”

Sandra Holmes, a professional home stager in Weston, Fla., said properties should be “Q-tip clean” and free of smoking or pet odors. “If you can smell it, you can’t sell it,” she said.

A paint job freshens up a room, and it doesn’t cost a lot. Even replacing a light bulb to improve a room’s brightness can make a difference to a skeptical buyer, agents say.

“When a buyer goes in and flips on the light switch, and it doesn’t work, they think there’s an electrical problem,” Rill said.

• Spruce up the landscaping. Planting fresh flowers, laying mulch, and keeping the hedges trimmed will make a solid first impression on a buyer.

“When buyers walk up to a house that’s (in poor shape) – even if it’s just the landscaping – there’s going to be a sense that the seller doesn’t care about it,” said Ron Rosen, an agent in Broward. “And the buyers will think they can really lower their offer or won’t be interested.”

© 2012 Sun Sentinel (Fort Lauderdale, Fla.), Paul Owers. Distributed by McClatchy-Tribune News Service.

To view complete Real Estate Listings in South Florida (MLS), go to my website
http://www.sunnyislescondosRE.com

Gladis Henriquez, Real Estate Agent, Optimar Int Realty, 305-281-8653 – Sunny Isles Beach, FL 33160

Sunny Isles Beach Real Estate Continue Upwards

                                             Sunny Isles Real Estate Continue Upwards

The condominium supply in Sunny Isles Beach continues to decline, and sales remain Strong. As of today, August 1^st, 2012, the total number of condos available for sale in Sunny Isles Beach is 555, closed condos in the last 6 months 553, and 268 condos are in a pending sale (Data provided by the South Florida MLS)

Strong demand for waterfront condos, homes, and bank-owned (REO) properties results in multiple offers when properties are listed for sale, further absorbing the Real Estate inventory. That, of course, pushes prices up significantly.

The South Florida Real estate market, in general, continues to heat up as prices continue upwards; for the first time in the last 5 years, inventory is shallow, according to the Florida Association of Realtors.

The South Florida Real Estate condo market posted substantial gains in June; residential condo sales in Miami-Dade County show an increase of 4% compared to June 2011. Houses inventory continues to Decrease. Currently, there are 4.2 months of supply in Miami-Dade County.

Start your new home search today. View all available South Florida properties for sale and rent at https://www.sunnyislescondosre.com. Under each property listing, you will find photos, detailed descriptions, neighborhood information, and the facts you need to make the right choice for your
 new home.

I can assist you with your residential real estate, REO Foreclosure sales, short sales, mortgage, closing, and 1031 exchange.
Gladis Henriquez – Optimar International Realty – Sunny Isles Beach, FL 33160

Gladis henriquez, http://www.sunnyislescondosre.com optimar international realty 305-281-8653