Bradenton Florida Real Estate News

Friday, January 27, 2006

Discount Brokers Less Likely to Sell ...

Homes listed by discount brokers take longer to sell than those listed by full-service real estate brokerages and are 12 percent less likely to sell at all, according to a study by Penn State’s Smeal College of Business and the University of Texas at San Antonio.

They examined nearly 300,000 single-family home listings in several Texas MLSs. The study concluded that discount brokers were slower and less reliable.

My daddy always said, "You get what you pay for." It's the truth. Even in real estate service.

Thursday, January 26, 2006

Local Home Sales Continue to Drop ...

Local home sales fell 42 percent in December 2005 compared to December 2004. The hot 2005 market starting cooling in the last quarter of the year and resulted in a 16 percent drop in home sales overall for the year.

Yesterday I received an email from a new home salesperson announcing a $60,000 price reduction in their homes priced in the $400,000's. Many sellers are implementing price reductions to get their homes sold because there is so much competition.

If you are serious about selling your home here is what you need:
1. A Realtor who is an expert in marketing, selling, and negotiating. Like my partner and I (humbly).
2. Massive marketing exposure through the local, statewide, and national MLS systems.
3. Internet marketing that really works.
4. A competitive price.
5. Not just one agent, but a TEAM of real estate professional working for you.

Here are link to two newspaper articles:
"Home Sales Continue to Drop" by The Herald
http://www.bradenton.com/mld/bradenton/13713352.htm
"Home Sales Continue to Cool" by the Sarasota Herald Tribune
http://heraldtribune.com/apps/pbcs.dll/article?AID=/20060126/BUSINESS/601260399

If you would like to talk to me about the market you can call toll free at 877-646-8326.
--Dan Forbes

Tuesday, January 24, 2006

It's Time to Buy Flood Insurance
As Floridians continue to recover from the recent hurricanes and the 2006 season fast approaches, it's time for all property owners, especially those in flood zones, to purchase flood insurance backed by the National Flood Insurance Program (NFIP).

Many homeowners, business owners and renters don't realize that homeowners and commercial insurance policies don't cover them against floods. And flooding from a hurricane or tropical storm can cause property damage and loss of life hundreds of miles from the coast. But flood insurance is available in all zones (low, moderate, and high risk), with significant cost savings for people in low-to moderate-risk areas.

Through the NFIP:

• Homeowners can purchase up to $250,000 of coverage, plus an additional $100,000 to cover their home's contents.
• Business owners can purchase up to $500,000 of coverage, plus an additional $500,000 for the building's contents.
• There is no payback requirement for flood insurance settlements.
• The average flood insurance premium is around $450 per year.
• Flood insurance policies must be renewed every year.

There is a standard 30-day waiting period before a policy becomes effective; however, the waiting period is waived if making, increasing, renewing or extending a federally-backed loan for the property.

Flood insurance is easy to obtain and sold by most insurance agents. Visit www.FloodSmart.gov or call 1-800-427-2419 to learn how to prepare for floods, how to purchase a National Flood Insurance Policy and about the benefits of protecting homes and property against flooding.

Tuesday, January 17, 2006

This Blog Has Moved

I have moved this blog to
http://www.bradentonrealestate.com/news/

Please visit me there.


Which Way, Home Prices? 50 Riskest Markets
A study released by PMI Mortgage Insurance Co. finds a greater chance that home prices will fall in selected U.S. markets, but it also envisions a soft landing for the red-hot housing market. The highest Florida city in danger of a price decline is the Fort Lauderdale metropolitan statistical area (MSA) at No. 16 on the top 50 list.

According to the PMI U.S. Market Risk Index issued today, home price appreciation slowed in 32 of the nation's 50 largest housing markets, and many markets face an increased chance of price declines. The continued strength of the economy, however, bodes well for a "soft landing" of the nation's housing market, according to Mark Milner, Chief Risk Officer of PMI Mortgage Insurance Co.

Would you like a copy of the report with it's list of the 50 riskiest markets? Send me an email and I'll send it to you. Ask for the PMI Report. Contact Form:
http://www.bradentonrealestate.com/index.php?fuseaction=site.contact

Friday, January 13, 2006

Mortgage Rates Fall For 5th Week
January 13, 2006-
Rates on 30-year mortgages fell for the fifth straight week as investors grew less worried about inflation threats.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages dropped to 6.15 percent this week. That was down from 6.21 percent last week and was the lowest level for a 30-year mortgage since late October.

"Interest rates for long-term mortgages slipped lower this week due to some economic data releases that pointed towards more subdued inflation in the near term," said Frank Nothaft, Freddie Mac's chief economist.

Nothaft said he expected rates to rise gradually through the year with the 30-year mortgage ending 2006 around 6.5 percent, up about a half-point from where it is currently.

"This should induce some slowing in housing market activity, but we expect the housing market in 2006 to be strong, nonetheless," Nothaft said.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing a home mortgage, averaged 5.71 percent this week, down from 5.76 percent last week.
One-year adjustable rate mortgages dipped slightly to 5.15 percent, compared to 5.16 percent last week.

Rates on five-year hybrid adjustable rate mortgages dipped to 5.76 percent, down from 5.78 percent last week.

A year ago, 30-year mortgages averaged 5.74 percent, 15-year mortgages stood at 5.19 percent, one-year ARMs were at 4.10 percent and five-year ARMs averaged 5.05 percent.

Friday, January 06, 2006

Do you know of someone interested in buying a brand new townhome? I have a beautiful townhome for sale. This townhome is available immediately. It's priced at $259,900.

For Sale $259,900 - Townhome in Lexington Subdivision . This is a brand new Bruce Williams built Townhome in Lexington Subdivision off US 301 between Ellenton and Parrish, Florida. It's a 2 story, 2 Bedroom, 2 1/2 bath unfurnished Townhome with carpet in the living area and ceramic tile in the kitchen area and lanai downstairs, and carpet in bedrooms upstairs. It includes a one car attached garage. Lagoon-style community pool with waterplay fountains. Basketball court, tot lots, and private parks.

Give me a call at 941-725-0911
Marie Avery

What's Ahead for the 2006 Real Estate Market?
My partner and I are in constant touch with top real estate agents across the United States. This helps us see trends in the national market and stay on the cutting edge of our local market. We also have access to a wealth of information which we receive on a daily basis from the National Association of Realtors, news feeds, and brilliant minds in touch with the market.

About 2005: "It's difficult to follow the strongest year ever," said David Lereah, chief economist for the National Association of Realtors trade group, which has about 1.2 million members. "The boom is obviously winding down. That's what we're all saying and observing." Existing-home sales should drop about 4 percent to 5 percent this year, compared to the 2005 levels, Lereah said, and new-home sales should drop about 5 percent to 6 percent year-over-year.

Price drops are possible in some "very, very hot metro markets," he added, though "it's very difficult to know which markets they will be right now." Nationwide, though, Lereah expects home-price appreciation to be up about 6.1 percent this year, compared to a rise of 13 percent in 2005.

What's ahead for our local market. We predict 2006 is not going to be a great year, but it is going to be a good year. Appreciation will continue as buyer demand softens somewhat. But as long as it keeps snowing up North, people will still move to Florida. ...And, Manatee County remains one of the best places to which to move!

Thursday, January 05, 2006

Bradenton second lowest in cost of living
According to an article in today's Herald, Bradenton is an affordable place to live when compared to large cities like New York and Los Angeles....

When stacked up with a list of some of the largest cities nationwide, Bradenton ranks second to the lowest in terms of its cost of living. Only Charlotte, N.C., had a lower score at 92.2. New York City led the pack with a score of 201.2 according to the Manatee Chamber of Commerce's Economic Development Council's quarterly report. Bradenton had a 95.8 composite score in the American Chamber of Commerce Research Association's third quarter 2005 results.

Read the article here http://www.bradenton.com/mld/bradenton/business/13551318.htm

Tuesday, January 03, 2006

What’s up with all the conflicting real estate headlines?
There does seem to be a lot of confusion about what’s going on in the Bradenton – Sarasota real estate market.

Consider these recent headlines:
“Slower Pace of Existing Home Sales”;
“Bradenton in Top 100 Real Estate Markets”;
“Local Home Sales Plummet in November”;
“Bradenton Listed As Top Place to Retire”;
“Bradenton Housing Boom Not Waning”.

These headlines might cause one to wonder which way the market is heading. Up, down or sideways. It’s enough to make your head spin. Many buyers and sellers don’t know what to think. Even real estate agents can’t seem to agree.

How can a buyer or sellers know what’s happening in the local market?
Here are a few suggestions.

1. Don’t believe everything you read. Headlines exist to sell papers and the media loves bad news. Never make a real estate purchasing or selling decision based upon what you read in the newspaper. Didn’t we learn that lesson as it related to the stock market a few years ago?

2. Don’t necessarily believe what a real estate agent tells you. After all, most agents are primarily sales people and most agents have only recently acquired their license. Our local association of Realtors has exploded with new licensees in the last couple of years.

3. Don’t believe what your neighbor says about the market. Whenever your neighbor or your barber starts giving you real estate advice, that’s about the time to do the opposite of whatever they say.

4. Do trust your own observations? Do you see more or less homes for sale? Are the signs staying up longer? Are seller’s dropping their prices? What about interest rates? You know more than you think. Just observe and take note. However, that may not be enough.

5. Do find a professional Realtor you can trust. We recommend that you consult with a Certified Residential Specialist. Less than 4 percent of all licensed Realtors are Certified Residential Specialist. To qualify they must have significant experience and demonstrate volume of real estate transactions or gross sales, as well as complete rigorous educational requirements.

Read about Bradenton being in the top 100 real estate markets on our BLOG at BradentonRealEstate.com (see below)

All agree: Bradenton Housing boom not waning

An article by Duane Marsteller of The Herald writes: Manatee County's white-hot residential construction boom won't be cooling off anytime soon, if developers' intentions are any indication.

Developers proposed more than 22,000 new homes in 2005, according to a Herald review of plans submitted to the county, Bradenton and Palmetto. That's in addition to the more than 9,600 houses, townhomes, condominiums and apartments that the county and two cities approved during the year.

"Somewhat staggering," was how county Commissioner Ron Getman, the board's 2005 chairman, described the numbers.

Officials, planners and developers offered various reasons for the higher amount of development proposed and approved last year, including strong market demand, longer review periods and the county's elimination of the rural subdivision designation.

But all agree: They don't foresee the trend ending anytime soon.

Read the full article at: http://bradenton.com/mld/bradenton/business/13526290.htm

My real estate team and I are optimistic about 2006. We believe that buyers will still see Manatee County, Florida as one of the best places to live, work, and play. Bradenton real estate will continue to be quite desireable!