Pinecrest Florida Real Estate and More...

I am frequently asked, "is this property in a flood zone?".  To my surprise, Florida is not one of the top 10 states to file a flood insurance claim!

National Flood Insurance Program Statistics:

• Floods are the #1 most common natural disaster in the United States.
• Over the past 10 years (2001-2010) the average flood insurance claim paid in the US was nearly $48,000 per year.
• Over the past 10 years (2001-2010), flood insurance claims averaged just over $2.6 billion.
• The average flood insurance policy is about $600 per year.
• People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding.
• The NFIP paid $709 million in flood insurance claims to homeowners, business owners, and renters in 2010.

    State:           Total Number of 2010 Claims

New Jersey                     4,690

Tennessee                     4,209

New York                        2,210

Massachusetts                1,936

Texas                            1,894

Illinois                           1,747

Rhode Island                  1,445

Kentucky                        1,120

North Carolina                 1,104

Pennsylvania                   1,094

What a fun and interesting site! 

Here at the Realtor.com Community Report site, you enter a primary zip code to view a report, and for comparison, you can enter a second zip code. 

You can compare population, education, income, cost of living, crime, climate, etc.

Try it…you’ll like it!

What do you do when you don’t know where your septic tank is?  I have a listing with three septic tanks!  

When Chapman Septic Service came out to inspect the tanks for the Buyers they couldn't find one of the septic tanks.  And since the area where we thought the septic tank should be has several gas and electrical lines going through it, there was just so much prodding that could safely be done.  But no fear, Rolando to the rescue! 

Rolando went to his truck and came back with an electronic transmitter.  We went to the closest toilet to the septic tank and flushed the transmitter down the toilet; then he flushed the toilet two more time.  Outside, with his receiver he walked around the area we thought the tank should be... and his receiver started to chirp - there was the signal!  Tank found case closed.

You have applied for your mortgage; your lender has verified your employment history, income, bank funds and credit report, and has now issued you your mortgage pre-approval letter.  Now that you have your mortgage pre-approval letter, please don’t:

go out and buy new furniture

buy or lease a new car

apply for any other loans

open a credit card account

change employers

co-sign on a loan

or do anything else that can change your income to debt ratio, savings account balance or your credit score.  Any change can make it harder for you to obtain the loan you had been pre-approved for.

Just because you have your mortgage pre-approval letter in hand doesn’t mean it’s a done deal.  It is not unusual for a mortgage company, just before your closing, to again run a credit report, verify your employment and bank funds; and any change in these can cause BIG problems!  Large purchases or an increase of debt before the loan is finalized can jeopardize your credit score and endanger the mortgage you had been approved for.

So remember, once you receive your mortgage pre-approval letter, play it safe and do not make any financial or employment changes.  Once the closing on your home purchase has taken place – then you can celebrate!

When you have been in as many homes as I have, literally hundreds, you develop a sense of what is the minimum a Pinecrest Florida real estate Buyers should consider when looking at Pinecrest homes to purchase.  Even though you are looking at purchasing your home, you need to keep in mind that one day you will probably want to sell this property.  Unless the property is truly a “unique” property, you will need the property to appeal to as many families as possible.  With this in mind, I give my Pinecrest Florida real estate Buyers my Top 5 List of items to consider when purchasing a Pinecrest Florida home: 

1. Location - location, location, I know we have all heard this a million times; there is a reason for that!  Not only is the selection of the neighborhood important, but also where in the neighborhood is the house located.  Let’s say we have two identical houses on same size lots, the one on the quieter street will be more desirable than the one on the busier street.  Here in Pinecrest Florida, the one in north Pinecrest will sell for more than in south Pinecrest.  And really sharp Buyers will also take into account the orientation of the house.  Does most of the house face west or north; that makes a difference as to how cool your home will be.

 2. Size - it’s important!  You should have a formal living room and dining room.  Yes, I hear you saying “I don’t entertain formally”.  But when it comes time to sell, the home will be more appealing if it has these formal areas.  The house should have at least 4 bedrooms, since one is usually used as an office, and at least 2 ½ baths.  It is amazing how significant that half bath, or more, is.  I once listed a Pinecrest Florida 4 bedroom 2 baths home, and over and over, I heard people say it was a shame it only had two baths, and they’d pass on it.  The kitchen is another area where size matters.  I can’t emphasize how important the kitchen is – take your time here, remember; it is the most important room in the house.

3. Condition - a few years ago I found Buyers were willing to do all kinds of remodeling/updating to their homes.  Today’s Pinecrest Florida Buyer really prefers a home that’s ready to move into, even if it costs a little bit more.  But a home that you can buy for less money, because it needs updating, might be a good option for you if you are comfortable with these kinds of projects.  The payoff is that your home will be updated to your liking, not the previous owner’s.

4. Layout - make sure that the floor plan is logical and functional.  I was just in a Pinecrest Florida 4 bedroom, 2 bath house where all the rooms opened onto the pool area, but the rooms didn’t connect to each other, there was no way to get from one room to another without going outside to the pool area; ex. to get from the master bedroom to the kitchen you had to go outside.  I saw the blueprints to this house; it was originally designed and built that way!  Also, make sure you have a well laid out kitchen.  I have seen Pinecrest Florida homes not sell because of poorly designed kitchens.

5. Garage - here in Pinecrest Florida we don’t have basements, we don’t have attics, you need a garage!  So often I hear Buyers, especially if they are from out of town, say they don’t need a garage, they wouldn’t park their car in it anyway.  Folks, most garages here in South Florida aren’t used for parking, they’re used for storage.  Please, don’t buy a house here without a garage!!!

These are the items I like my Pinecrest Florida real estate Buyers to look at when we go look at properties.  What do you think; did I miss anything that would be on your “must have” list?

Property taxes, Homeowners insurance, Flood insurance, Wind insurance, Homeowners Association - oh my! These are just some of the things think about when buying a Pinecrest Florida home.

Whether you call it a Comparative Market Analysis, Competitive Market Analysis, Comparable Market Analysis or Current Market Analysis; if you are considering buying a home in Pinecrest Florida or selling your Pinecrest property – you need a CMA!

I have written a webpage for you detailing the art and science of constructing a proper Comparable Market Analysis.  With your CMA you will be able to make wise decisions regarding your Pinecrest Florida real estate.

Congress has extended and expanded the homebuyer tax credit.  This tax credit is for first-time homebuyers and existing homeowners! 

As most everyone knows, first-time home Buyers receive a tax credit of $8,000.  The definition of a first-time home Buyer is someone who has not had an interest in a principal residence for 3 years prior to the purchase. 

But, there is also a tax credit repeat Buyers; someone who is not a first-time home Buyer.  The tax credit for the repeat Buyer is $6,500.  A current homeowner who has lived 5 consecutive years out of the last 8 in their current home is eligible.

There is no requirement that the repeat Buyer sell their current home or that the new home has to be of a higher value than the current home.

To qualify for the tax credit, Buyers must have a written, signed binding contract in effect by April 30, 2010 and close on the home by June 30, 2010.

Tax credit eligibility is subject to income limits of $125,000 for single Buyers and $225,000 for couples.  In addition, the sale price of the home being purchased can not exceed $800,000.

There is no obligation to pay back this credit.  If the home ceases to be your principal residence within 36 months from the date of purchase, then the full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.

At tax filing time, you must attach documentation of purchase to the tax return.

If you have any questions or are interested in Pinecrest, FL real estate - give me a call.

You have found the house you want to purchase; you’ve gone through all the negotiations, loan requirements, inspections, appraisal, etc.  Weeks have gone by and now you’re at the closing table – the key is just a few minutes away, but wait, there’s one more hurdle - the HUD Settlement Statement.

The HUD statement (Department of Housing and Urban Development) is a document that itemizes all debits and credits to the Buyer and the Seller.  It’s a list of what you are paying, to whom and for what, and what credits are being given to you.  You really should receive your HUD statement at least one day before closing; but in real life, that usually doesn’t happen.  Most times you will see the HUD statement a few hours before closing and sometimes not until you get to the closing table.  In the anticipation of closing and the excitement of moving into your new home some folks don’t take the time necessary to really look over the HUD statement; and that can be a costly mistake.

Fees such as processing fee, post closing fee, scanning fee, image fee, research fee, negotiating fee, signing agent fee, etc. all are questionable.  Have the person conducting the closing go over every line of the HUD statement and explain it clearly to you and your real estate agent.  I saved a client of mine $350.00 this week because I knew there was a fee on her HUD statement that was no longer legal and the title company was collecting it.

So, go over your HUD statement carefully, and if everything looks good to you, sign away – and congratulations!

After looking at over 30 properties, writing offers on three and not getting them accepted because someone else has offered more, this morning I received the follow statement from my Buyer, "It seems that this is not a buyers market at all".

So what is a Buyers market?  A general definition of a Buyers market is when the demand for property is less than the supply of property.  

The opposite would be a Sellers market, when the demand for property is greater than the supply of property.  It's all just the old supply and demand rule. 

So what are the advantages for the Buyer in a Buyers market?  First of all, there are more properties to choose from, you don't have to just "settle" on a property because of lack of choice.  And secondly, sellers are more willing to negotiate price and terms.  A Buyers market does not mean properties are being given away.  

When you are looking for a property and want to pay less than market value; you're looking for a steal!  This has nothing to do with it being a buyers or sellers market; each market sets it's price.

So Mr. and Mrs. Buyer we will keep looking, I really do enjoy your company; but to find you a home I think you will have to increase your budget or scale down your requirements - or who knows, we just might get lucky.