Sandy Shores, Broker-Associate Melbourne FL Real Estate M & M Real Estate Inc.

Did you know that there are several different ways in which a person, or two or more people can take title to a house that they purchase? So often buyers ask me how they should take possession of a property. As a REALTOR, I am unable to provide legal advice to clients. Each individual homebuyer's situation and portfolio must be looked at on a case by case basis.

There are many different options in which buyers are able to purchase a property and hold title to it. They can hold title to it individually, jointly, in a trust, as a co op, or in a corporation.

I am attaching a recent article from the New York Times, explaining the various forms of homeownership.

If you have questions on which form of homeownership may be right for you, you may consider having an attorney and/or CPA be your guide.

Tenants, are you paying too much in rent?

Landlords, how much rent should you be charging?

Prospective tenants, are you getting a good deal?

Now, with Rentometer.com you can easily determine what market rent should be on a house or apartment. Rentometer takes the overall comparable rental information in the area (not including amenities and upgrades). It locates other rentals in the area and looks at comps. Then, it shows you whether the rent is high, reasonable or low on the property in question. So, type in the address today.

Disclosure: Please be aware that Rentometer does not have access to every property rented in your area. It also does not take into consideration condition, amenities or upgrades. So, please use Rentometer strictly as a guideline in researching your property. Please research other comparable rental sites for your area, and combine all of the information to make a sound decision.

• In Florida from 2000-2005 there were 115,000 new real estate sales licenses issued. That's triple the figure from 1994-1999!
  
• 2,688 of those licenses were issued here in Brevard County, according to figures from the Florida Department of Business and Professional Regulation. That nearly quadruples the figure from the previous 5 years when 708 new licenses were issued.
  
• In 2007, the number of new Brevard County licensees dropped by about 1/2 of those in 2005.
• Today, nearly 1/4 of real estate licenses are in inactive status.

Is this an indication of the shift in our local market? Are licensee numbers declining because new agents found the business more difficult than expected? Did they find that it required more hard work and knowledge than originally anticipated? Many wanted to be agents because it "looked" so easy and "agents were making so much money".

Or, is it because buyers got buried in their overpriced purchases? And, it was inevitable for the market to readjust, thus creating a market slowdown? Competition at the peak of the market was fierce. Often times, ethics were thrown out the window in many areas of the market.

So, now it's time for those of us agents "here for the long haul", to help buyers and sellers "attempt" to pick up the pieces and move forward. Perhaps, it is time to bring back a bit of "normalcy" and good old fashioned ethics to all sectors of the real estate marketplace.

Did you know that you can cut years off of your mortgage and save thousands?

By making one additional principal payment each year on your 30 year fixed rate mortgage, you can cut approximately 8 years* off of the length of your loan and save tens of thousands of dollars.

Have you heard about bi weekly mortgage payments?

These are when your mortgage payment amount is divided in half and you make the payment every 2 weeks, in effect adding one additional payment to your loan by the end of the year. Often times they cost a hefty fee to set up and the lending institution charges a monthly fee to process the payment. You can create the same effect by making an additional mortgage payment each year.**

Are you thinking that you just don't have the extra money to mail in an additional principal payment each year?

Well, try this... divide your monthly mortgage payment by 12. Every month mail the additional 1/12 payment amount in with your monthly payment. So, if your monthly mortgage payment is $1200, $1200 divided by 12 =$100. Every month mail in $1300. At the end of the year, you will have made an additional principal payment.

It is advisable to send the extra principal payment to your lender in a separate check. It is important that you specify that the extra funds are to be used as a principal reduction. Check your online statement regulary to be sure this is being done.

Before starting a plan like this, be certain that your loan has no prepayment penalties.

*This figure may vary depending on the type of your loan.

**A true analysis can be done by using a mortgage calculator and running an amortization schedule to determine which program will provide the greatest benefit to you. Check with your lender for additional information.