The Real Estate Mango

Archive for November, 2009

Aventura Inventory Of Single Family Homes and Condos Is Steadily Declining…this is Good News!!

This is the latest graph showing the real decline in inventory in Aventura.  In November of 2008 there were 1890 properties for sale in Aventura.  As of October of 2009 there are 1404 properties for sale and in the month of October there were 110 sales as compared to November of 2008 when there were only 68 properties sold during that month.

 

This is progress and due to more  realistic pricing by sellers and a general interest in the market place in real estate.  However, if banks would be more inclined to lend the situation would be far better.  It takes a longer time than usual to close a loan.  More documents are required and greater qualifications to borrow are in place.  This adds up to long delays and in  some cases denials.  Even though mortgage rates are incredibly low, what difference does it make when a buyer cannot get a loan.

 

Also, the rates of foreclosures (also the banks fault because they refuse to modify loans or accomodate short sales in a timely manner) are still very high.  Every foreclosure, affects the prices in the neighbor where they occur.  More must be done by banks in coordination with the government to avoid the huge glut of foreclosures that are waiting to get on the market.

 

So..before we can see real change, the banks have to play ball.  Banks are the most integral part of the housing industry. Meanwhile, we are still enjoying the uptick. 

Prices are lowest they have been in 10 years.  It is the best time buy in a generation!!  Interest rates are low!    Interest Rates are 4.63% today.  See my chart, below!

 Call me today, to start looking for that home of your dreams. 

12 Easy Steps To Increase The Value Of Your Home

Unlike some of the expensive solutions to give your home more value…these undertakings are inexpensive and may or may not need the employ of a professional.

1. Clean and declutter  It is absolutely the first and most important procedure to make your home inviting to a potential buyer.  Take everything off the shelves in the kitchen and put them inside the closets.  Have a smooth, clean surface on all the counters.  If there is a window in the kitchen, have it washed, both inside and out if possible.  Bathrooms are particularly guilty of clutter.  Put all toothpastes, gels, hair conditioners inside the cabinets.  Clean and deodorize the entire bathroom and put fresh, if possible, new towels on the racks.  Bedrooms should be devoid of dirty clothes, beds should be made and carpets vacuumed.  The living room should look as though it is ready for company. Cost…$100 to $200.  Home Price Increase  $1500 to $2000
2. Home Staging  If you have furniture that doesn’t show well, or too much furniture, or if your rooms don’t show that well..it might be good idea to hire a home stager.  She or he will arrange your rooms with beauty in mind.  These people can be tremendously creative.  Cost…$300-$400  Home Price Increase $1500 to $2000
3. Lighten and Brighten If your furniture is dark and the rooms seem dark, it is a wonderful idea to buy inexpensive slip covers and lampshades in soft, light shades.  Your rooms will take on a new glow and will look more attractive. $200 to $300.  Home Price Increase $1000 to $1500
4. Landscape front and back  All dead plants should be removed and replaced with inexpensive plants, fresh from the nursery.  Buy some mulch while you are at it and make sure you mow the lawn.  Cost $300 to $400. Home Price Increase $1500 to $2000
5. Repair Plumbing  You never know when a potential buying walking through will decide to turn on a faucet or flush the toilet.  Make sure all the plumbing works right…no leeky faucets, etc.  Cost $300 to $400.  Home Price Increase $1000 to $1500
6. Update electrical  Make sure your electricity is up to code and all your outlets are correcrt. $300 to $400.  Home Price Increase $1000 to $1500
7. Replace or Shampoo Carpet   There is not bigger turnoff, than stained, dirty carpet.  If the carpeting is beyond cleaning, a store like Home Depot or a store carrying remnants will be able to sell you carpeting cheaply.  This is a big deal  I can estimate the cost at $400 to $ 500 per room.  Home Price Increase $1000 to $1500
8. Paint Interior You can brighten and freshen or home  with just a can of paint.  The cost is less if you do it your self or cost $500 to $750 with some help.  Home Price Increase $1500to $2000
9.  Repair Damaged Floors  Cost estimate $500-$750  Home Price Increase $1500-$2000
10. Update Kitchen  You don’t have to do a whole job.  Just new appliances are great and the stores may even include installation.   Cost depending on the appliances…$1000 to $1500 Home Price Increase $$2000 to $3000
11. Update Bathrooms  New faucets, new toilet seats, change out wall paper to neutral, new towel racks, new bathtub if you need it.  Cost estimate $750-$1000  Home Price Increase $1000-$1500      

    12.  Paint Exterior  Only if necessary and this is not always possible in a planned development.  But getting a touch up by a professional will estimate Cost at $750 to $1000 and the Home Price Increase will be $1500-$2000   

Any one of these suggestions can make a big difference in the presentation of your home.  Call me any further advice or hints for home improvement!

Founder’s Day In Aventura November 8 Is Huge Success!!

It is a beautiful, sunny and windy day here in Aventura and the parents and children are arriving at Founders Park in Aventura.  The city has made the day very easy.  When you park your car at the parking garage next to Aventura Car Wash, shuttles are waiting to whisk you away to Founder’s Park where all the attractions that charm children and their parents await.

There are stands with pretzels, ices, water, and tents where the children can get a purple painted face.  The stage had three beautiful little girls in long pink dresses singing and the seats were all taken by 12:00 p.m. as soon as the park opened.  I would say that this event was put together beautifully and it truly enhances the experience of living in Aventura.

7 Month Extension & Expansion Of The Tax Credit Will Pass In Congress This Week

Great News for Real Estate In Aventura!!! 

After all the bad reports on fraud and misuse of the $8000 tax credit for first time home buyers, Congress has decided that the good out ways the bad and is voting, this week to extend this program for 7 Months and will make it better by including couples with incomes up to $225k which is 55k more than the previous program.

$6500 Maximum credit would be available to move-up homeowners who have lived in their currect residence for 5 of the prior 8 years and they don’t have to sell their previous home to qualify.  THIS IS GREAT NEWS!!!!

Prices are still very affordable.  Certainly, this is the BEST TIME TO BUY.  Interest rates are still low.  (check my chart on this site).  The Government is making it easier to buy than ever.

Click on the homes for sale button on this page and find your dream home and make it a reality and when you see the perfect place…call me and we will get an appointment, today.

Update:  Congress just passed this legislation and it is expected to be signed into law by President Obama.