Gainesville FL Real Estate Blog

Pending home sales in June edged lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index declined 2.6 percent to 75.7 based on contracts signed in June. Down from 77.7 in May, and is 18.6 percent below June 2009 when it was 93.0. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said lower home sales are expected in the short term. “Over the short term, inventory will look high relative to home sales. However, since home prices have come down to fundamentally justifiable levels, there isn’t likely to be any meaningful change to national home values. Some local markets continue to show strengthening prices.”

Let’s take a look at the Gainesville FL real estate market for July.

Gainesville FL area single family home sales saw sold listings decrease by 30% in July 2010, when compared against July 2009.  New listings saw an increase of 1%.  Pending sales saw a 8% decrease and the average sales price increased by 2% to $199,357, while market times increased by13 days.

The Gainesville FL area Condo/Townhome market saw pending sales increase by 10% in July 2010 when compared to July 2009.  While new listings were down by 12% and sold listings decreased by 56% in July 2010.  The average sales price decreased by 23% to $96,635 when compared to July 2009, while the average market times decreased by 44 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

The federal governments’ Section 203 (k) program is designed for the rehabilitation and improvement of single family properties and is viewed as a tool for neighborhood revitalization and expanding home ownership. In the past, when a Gainesville FL  real estate buyer wanted to purchase a home in need of repair or modernization, he/she had to first obtain financing to finance the dwelling and then find additional financing to do the rehabilitation work. With the 203 (k) plan, however, the buyer can get just one mortgage–at a long-term fixed or adjustable rate–to finance both the purchase and the repair of the property.

USES AND APPLICATIONS: This program can be used in many ways:

1. To purchase a home and its land for rehabilitation

2. To purchase a dwelling at one site and move it to another mortgaged property for rehabilitation

3. To refinance existing secured loans on a home for rehabilitation

4. To convert a one-family dwelling to a two, three, or four family residence OR

5. To convert a multi-family dwelling to a one-family home.

ELIGIBILITY:

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For many reasons this is a good time for potential home buyers to purchase Gainesville FL real estate, and the large number of foreclosed homes available holds the promise of bargain prices.

Too good to be true? Perhaps. Buyers of foreclosed property, especially if it has been unoccupied and not maintained for some time, must be acutely aware of possible problems and trouble spots involved in such a sale and may have to realistically face some unpleasant facts. As Vince Mastronardi, president of On-Site Specialty Cleaning and Restoration, observes, “Buyers need to educate themselves about the potential pitfalls of purchasing distressed property. It’s not so much what damage occurred, but the sources of that damage and how long before the problem was addressed.”

A cautious buyer should look for signs which indicate that all is not well with a piece of Gainesville FL real estate.

1. The presence of mold. Once mold takes hold, it is almost impossible to get rid of. Look for places which have been excessively painted in an attempt to cover up mold.

2. Lack of heat for months in a home not properly winterized. Result? Burst pipes and water damage.

3. Hints of water damage. Peeling, bubbling, or discolored paint may occur as a result of moisture. Other evidence of water damage includes swelling in walls/ceilings, stains, and             a musty odor.

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Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.” 

Let’s look at December Gainesville FL real estate sales statistics to see how the housing recovery is progressinglocally. 

The Gainesville FL area single family home sales saw a 20% increase in sold listings in December 2009, when compared against December 2008.  New listings saw an increase of 9%.  Pending sales saw a 8% increase and the average sales price decreased by 1% to $197,731, while market times decreased by 4 days.  

 The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 19% to $121,802 in December 2009 compared to December 2008.  While new listings were down 5% and sold listings decreased by 5% in December 2009.  Pending sales decreased by 18% when compared to December 2008, while the average market times decreased by 18 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

If you are thinking of buying Gainesville FL real estate and making it a rental property, there are a number of things to consider when choosing the property: 

1. Location

If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation. If the property will be a vacation property, you will want to be near major tourist attractions. 

2. Price

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to “break even” or even to have a negative cash flow, price becomes somewhat less important. 

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 Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2 percent. 

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future. 

Let’s look at November Gainesville FL real estate sales statistics to see how the housing recovery is progressing locally. 

The Gainesville FL area single family home sales saw a 34% increase in sold listings in November 2009, when compared against November 2008.  New listings saw an increase of 8%.  Pending sales saw a 25% increase and the average sales price increased by 1% to $184,905, while market times increased by 20 days.  

 The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 15% to $103,906 in November 2009 compared to November 2008.  While new listings were down 16% and sold listings decreased by 16% in November 2009.  Pending sales remained consistant when compared to November 2008, while the average market times increased by 18 days.  

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family’s quality of life can be affected by their surroundings and features a neighborhood has to offer.  Choosing the best neighborhood is just as important as finding the perfect home.  Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Gainesville FL real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

For financial reasons, check in to the property values of homes in the neighborhood. Find out if the Gainesville FL  real estate values in various areas have been increasing or decreasing. If the neighborhood is in an up and coming area the value of the property is likely to go up. Where as, if the area is going down under, the property value will probably follow. See if there are any future construction and development projects to take place. Alterations to the surrounding area could drastically change the property value. 

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Pending home sales have increased for seven straight months, the longest in the series of the index which began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in August, rose 6.4 percent to 103.8 from a reading of 97.6 in July, and is 12.4 percent above August 2008 when it was 92.4. The index is at the highest level since March 2007 when it was 104.5.

Lawrence Yun, NAR chief economist, said not all contracts are turning into closed sales within an expected timeframe. “The rise in pending home sales shows buyers are returning to the market and signing contracts, but deals are not necessarily closing because of long delays related to short sales, and issues regarding complex new appraisal rules,” he said. “No doubt many first-time buyers are rushing to beat the deadline for the $8,000 tax credit, which expires at the end of next month.”

Let’s take a look at the Gainesville FL real estate sales statistics for September to see how the market looks in our area: 

The Gainesville FL area single family home sales saw a 26% increase in sold listings in September 2009, when compared against September 2008.  New listings saw an decrease of 1%.  Pending sales saw a 18% increase and the average sales price decreased by 11% to $184,531, while market times increased by 78 days.  

The Gainesville FL area Condo/Townhome market saw the average sales price decrease by 10% to $144,348 in September 2009 compared to September 2008.  Likewise, new listings were down 19% and sold listings increased by 17% in September 2009.  Pending sales decreased by 20%, while the average market times increased by 16 days. 

For the latest Gainesville FL real estate market conditions in your area, please call me at 888-424-8841 or visit MyGatorCondo.com.