Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update 1
May 7, 2008
When you are looking to by your Fort Lauderdale real estate home or condo you are going to want to get the best mortgage rates that you can find. While you are searching for your Fort Lauderdale real estate home or condo it will be much easier if you know in advance that you are approved for a mortgage and you know that you can buy the home you desire.
I work with America's #1 Mortgage Broker and I can assure you that Brian Brady will get you the best mortgage possible when you are ready to buy your Fort Lauderdale real estate home or condo.
Here's what Brian has to say this week regarding the mortgage market here in the Fort Lauderdale real estate area:
Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update
FHA Loans are back in Fort Lauderdale! Our expensive real estate has dropped in value and the FHA loan limits were increased by The Economic Stimulation Act of 2008.
Single-family homes and condominiums are now eligible for FHA loans to a limit of $697,500.
Duplexes have a FHA loan limit of $892,950, Triplexes have an FHA loan limit of $1,079,350 and four-unit properties can get an FHA loan up to $1,341,350.
FHA loans are useful because they allow for a downpayment as low as 3%. There are no "declining market limits" imposed on FHA loans.
This means that a family looking to buy a duplex, for $800,000, can buy that home for less than $25,000 cash-to-close.
Sellers can contribute up to 6% towards a buyer's closing costs and the down payment can be a gift from an interested party.
Credit guidelines are relaxed with scores allowed down to 580 FICO score. Alternative credit sources, like utility bills, rent, phone bills, and private loans can be used to build a "thin" credit file.
Also, for non-FHA loans we have another great product, let's lock all mortgages rates at application, regardless of when its closing. I think this is about as good as it gets for a while.
I still see 30 year fixed rates a tad under 6% (5.875%) but the good economic data, released today, could drive Fort Lauderdale real estate mortgage rates up next week.
I recommend a 7/1 ARM today. Rates offered for a 7/1 ARM, for loans under $417,000, are OVER a half a percentage point less than the 30 year fixed (5.25%). Most borrowers will feel comfortable with a seven year time frame.
I know that ARM's have had a bad image because of the mortgage crisis but these ARM's are different. These are 7/1 ARM mortgages which means that the 5.25% rate is locked in for 7 years- that's until 2015!
All loans offered to the consumer at the wholesale or "par" rate. We are paid 1% by the consumer.
To give you an idea of how long 7 years is, Disneyland's California Adventure opened in early 2001. You probably thought it was around forever.
If you want to lock in on a mortgage for the Fort Lauderdale real estate home or condo that you are buying, then now is the time to do so. The bond traders won't be merciful next week unless recessionary data is overwhelming. Jump on these low rates now.
If you are interested in learning more about buying a Fort Lauderdale area home or condo or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
Please see the contact form here.
If you are inquiring about a specific property shown on this site, please include the address of the property in the comment section of the contact form below.
Sport Fishing in the Fort Lauderdale Real Estate Market Area
May 6, 2008
Living in Fort Lauderdale Real Estate area has it's perks. While you are looking for your Fort Lauderdale Real Estate home or condo, take some time out to enjoy what Fort Lauderdale has to offer.
The Greater Ft. Lauderdale area is known for its water sports, thanks to its beaches, waterways, lakes and fabulous weather year round. Deepsea fishing is extremely popular, because the Gulf Stream proximity to the coast is conveniently close to our shores.
Freshwater fishing, or inshore fishing is accessible along the waterways and in the nearby Everglades. Fort Lauderdale is known world-wide for high-stakes tournaments and is the home of the IGFA Fishing Hall of Fame.
There is always something new happening here, such as.."Ladies, Let's Go Fishing!".
Women have come from all points in the U.S. to participate in a "Ladies, Let's Go Fishing!" seminar in Fort Lauderdale's 11th Annual event. The saltwater fishing and conservation skills they learned were put to use on Mar. 28-30, at the Ramada Inn Airport and Marina Bay docks, and were held in conjunction with the Florida Fish and Wildlife Conservation Commission,presented by Mercury Outboards.
There were almost 50 women at this event, also known as the "No-Yelling School of Fishing"(very relaxed mode of teaching), including married women, single moms, business owners, attorneys, doctors, marine industry professionals, retirees, homemakers, teachers and more. Lynn Keller, Naples, FL brought her mother so they could escape family pressures and enjoy a weekend in the outdoors together. "Fishing was the common denominator in the room," commented seminar Director, Betty Bauman, recipient of national awards for the program's success.
After the reception on Friday evening, Saturday's learning sessions were conducted on beginner and intermediate/advanced levels by local speakers: Capt. Tony DiGiulian/bluewater fishing, Capt. Wayne Conn/bottom fishing, Chuck Baldwin/inshore fishing, Twig Tolle/fly
fishing and Capt. Lee Lavery/fishing basics. The seminars utilized several "hands-on" fishing exercises on Saturday afternoon, such as
spin casting, net casting, knot tying, gaffing grapefruits, conservation, boat handling, backing a truck and trailer and reeling
against pressure.
After the half day fishing trip on Sunday, the event concluded with a fish fillet demonstration at the Radisson Bahia Mar dock. A highllight of the trip, described as an ‘adrenaline rush', was a 60 lb. golden amberjack caught by a team of ladies aboard Lady Pamela. "The whole experience was so great that we will be back again!" said Brenda Franklin, Rock Hill, SC. On the majority of the boats, practically every participant had a chance to fight a fish.
The sites you may visit regarding this event are
http://www.atlanticcoastboating.com/
http://www.ladiesletsgofishing.com/
I'd love to show you your new Fort Lauderdale Real Estate home or condo, then we'll go fishing for the BIG one!!
If you are interested in learning more about buying a Fort Lauderdale area home or condo or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
If you are inquiring about a specific property shown on this site, please include the address of the property in the comment section of the contact form below.
Lowest Gas Prices In The Fort Lauderdale Real Estate Market
May 6, 2008
With gas prices absolutely skyrocketing we all need to know the spots around town where we can find the best deals on gas. From a bit north of the Fort Lauderdale real estate market to north miami, here are the best prices that you'll find on gas in Broward county if not in all of South Florida.
| Price | Station | Area | Time |
| 3.56 | U-Gas 4997 Volunteer Rd & W Palomino Dr | Southwest Ranches | 5/4/2008 6:26:34 PM |
| 3.56 | Costco 1800 W Sample Rd Near N Powerline Rd | Pompano Beach | 5/4/2008 4:10:02 PM |
| 3.58 | BJ's 8005 NW 95th St Hialeah | Hialeah | 5/4/2008 12:50:18 PM |
| 3.59 | RaceTrac 2300 W Broward Blvd & SW 24th Ave | Fort Lauderdale | 5/5/2008 9:15:00 AM |
| 3.59 | Mobil 1862 North Nob Hill Rd | Plantation | 5/5/2008 12:02:21 AM |
| 3.60 | RaceTrac 3031 SW 31st Ave & W Hallandale Beach Blvd | Pembroke Park | 5/6/2008 7:43:58 AM |
| 3.60 | U-Gas 999 W Hallandale Beach Blvd | Hallandale Beach | 5/5/2008 4:51:59 PM |
| 3.60 | Amerika 3700 Hallandale Beach Blvd | Pembroke Park | 5/5/2008 4:51:59 PM |
| 3.60 | Marathon 7055 N Miami Ave | Little Haiti | 5/5/2008 8:50:40 AM |
| 3.60 | Chevron 12607 W Sunrise Blvd & Purple Palace Pl | Sunrise | 5/5/2008 8:05:15 AM |
If you are going to be out driving around, trying to find the best deals on gas, let me take you around and show you the best deals that you'll find when buying a Fort Lauderdale real estate home or condo. The ride is on me and you'll not have to burn any gas while I show you some unbelievable deals.
Right now it is an absolute buyers market in Fort Lauderdale real estate. Take advantage of it!
If you are interested in learning more about buying a Fort Lauderdale area home or condo or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
If you are inquiring about a specific property shown on this site, please include the address of the property in the comment section of the contact form below.
The 7 Dangers of Overpricing Your Fort Lauderdale Homes or Condos
April 26, 2008
The 7 Dangers of Overpricing Your Fort Lauderdale Homes or Condos
When looking to sell, overpricing your Fort Lauderdale Homes or Condos, is not a good idea. Thinking that raising the price to leave wiggle room for negotiation is the first trap to avoid. That game is old and played out, buyers aren't interested in playing. They want to offer you less than asking price and they want asking price to be at or below market. They want "a deal" and if they don't get it, they aren't going to buy.
Here is a little sneak preview of what you will be up against if you decide to test the waters and list your home or condo above market value.
7 Dangers of Overpricing Your Fort Lauderdale Homes or Condos
1) MINIMIZES OFFERS ON YOUR FORT LAUDERDALE HOME OR CONDOOverpriced properties discourage prospective buyers from making offers since the difference between the listed price and market price often negates reasonable negotiation. A more realistic price is much more likely to receive a realistic offer.
2) LESS SHOWINGS ON YOUR FORT LAUDERDALE HOME OR CONDOOverpriced listings get less showings. Agents often will not show overpriced listings and lose interest in overpriced properties that sit on the market for any extended length of time without drastic price reductions. With so much inventory on the market it is in the buyers best interest for the agent to show homes within the buyers price range; agents also do not want to lose credibility with their buyers. Agents do not spend as much time showing these Fort Lauderdale real estate homes and condos as they might if they had been priced right at the beginning.
3) LESS QUALIFIED BUYERS ON YOUR FORT LAUDERDALE HOME OR CONDOOverpriced properties fail to attract qualified buyers. You (the seller) are perceived to be unrealistic and problematic. If you are very overpriced your agent is perceived to be less than intelligent for having taken the listing at that price to start with, but that is a whole other issue. It is in your best interest to drive in as much buyer traffic as possible early in the listing. No Traffic = No Buyer.
4) LOSES PROSPECTS FROM SIGNS AND ADVERTISING ON YOUR FORT LAUDERDALE HOME OR CONDOProspects that learn about the property from the sign get turned off if it is overpriced. It is the first question they ask. They want to know the price before they ask how many bedrooms and baths or about condition. They will not even view the home if you are overpriced. Price is everything in todays market. Buyers viewing the property online will use available price comparable tools and pass on seeing your Fort Lauderdale real estate homes and condos .
5) FINANCING PROBLEMS ON YOUR FORT LAUDERDALE HOME OR CONDOAppraisers will not be able to bring in the value on the Fort Lauderdale real estate home and lenders will not fund a loan for an overpriced property. If for some reason the overpriced property passes appraisal, the underwriter will likely quash it toward the end of the escrow timeline. You will have been off the market for that timeline and market prices will have dropped further. An all cash offer with the appraisal waived is a fantasy. No buyer, regardless of their ability to, is going to overpay for a Fort Lauderdale home, in todays market.
6) PRICE REDUCTIONS ON YOUR FORT LAUDERDALE HOME OR CONDOReducing your price to keep up with the market is critical. You should check your price every week or two with your agent and make sure you are priced at or under market.
7) LESS FOR SELLER ON YOUR FORT LAUDERDALE HOME OR CONDOEventually market interest in overpriced properties completely declines. As this stage is reached, many sellers become desperate and begin to feel that they would sell at any price. In the meantime, the seller must bear maintenance and holding costs. Additionally the actual market value will have decreased while the property sits on the market. The net result is the seller nets much less than they could have if the property was correctly priced in the first place, this is called "Chasing the Market Down" and is the absolute worst mistake a seller can make in today's market.
Not pricing your Fort Lauderdale home or condo right and not taking appropriate price reductions in a timely manner, can result in your home not selling.
If you are considering selling your Fort Lauderdale Home or Condo be smart, price your home to sell. After all, you don't want to list the home, you want to sell it. Contact us today for a free home evaluation.
Buying Your Fort Lauderdale Real Estate Home or Condo - Getting Started
April 26, 2008
Buying Your Fort Lauderdale Real Estate Home or Condo - Getting Started Are You thinking about Buying a Home or Condo in Fort Lauderdale ?
When beginning the home buying process the best place to start is by getting pre-approved by a great lender. Being pre-approved for your home loan not only assures you that you are shopping within your price range, it also equips you with the ability to make an offer immediately when you locate the home of your choice.
When you speak with the lender of your choice, ask them if they will be able to provide you with a lock-in letter and a written loan commitment. These items assure you that the loan is actually in place and that both the interest rate and the terms of the loan will be intact when you are ready to close escrow.
Today's Fort Lauderdale Real Estate Market is providing better and more desirable choices for home buyers causing many Fort Lauderdale real estate homes and condo properties to receive multiple offers. It has been rare for offers to go much above asking price, however sellers are making choices based on the terms offered and the strength of the offer and the loan.
Placing yourself in a great position, prior to beginning your home search has never been more important.
We are looking forward to making your dream of a Fort Lauderdale real estate homes and condo ownership a reality.
Call Robin today to begin your home search 754-246-4708
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6424 N. University Dr. Tamarac, Florida 33321
About Me:
Hi, my name is Robin Sing-Cunningham. I am a real estate agent serving Broward County, Florida. I live in Fort Lauderdale with my husband and I specialize in Fort Lauderdale area real estate. I have been a real estate agent for over 7 years and I love the freedom being a real estate agent affords me. Please visit my site, the Fort Lauderdale Real Estate Blog.
I am a native South Carolinian and I lived in the paradise of Maui for over 10 years. I have settled here in Fort Lauderdale with my husband Barry, who is an active real estate investor and is the host of the #1 real estate related talk radio show in America, Real Estate Radio USA.
Ocassionally I make appearances on the show to talk about Fort Lauderdale real estate and to keep an eye on him. I hear he tends to be a little tough on us Realtors but he's just a big teddy bear at heart.
I love Fort Lauderdale because it allows me to participate in my favorite sport, big-game fishing! I love to fish and there's nothing like fishing in the waters off the coast of South Florida. Other than being on the beach, it's probably the number one reason I live in fort Lauderdale.
I also enjoy boating and scuba diving. So I guess you could say I love the Fort Lauderdale lifestyle. We work hard and we play hard and if you choose to make the Fort Lauderdale area your home or if you'd like to invest in Fort Lauderdale real estate I can show you the best Fort Lauderdale has to offer.
As a local Fort Lauderdale resident and experienced Realtor, my customers feel I provide them with the best in customer service with a sincere professional attention to detail.
I specialize in the marketing and selling of residential properties in the metro Fort Lauderdale area, and my specialization area includes all of South Florida. Fort Lauderdale has some of the finest residential neighborhoods in America including exquisite homes and condos in some of the most coveted yachting, golfing, gated and country club communities.
I also pride myself on working with investors and buyers looking for discounted, distressed properties. Many Realtors will not work in the foreclosure and short sale niche of real estate. I actually enjoy working short sales and I have built a great team of professionals to help manage short sales and facilitate the loss mitigation of these special situations.
My mission is to provide you with unsurpassed exceptional service by keeping you informed about current market conditions, adhering to the Realtor Code Of Ethics, practicing excellent communication skills and utilizing the latest in technological advances to ensure you are professionally represented at all times.
Blog Policy:
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