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Is Now The Best Time To Buy A House?

Is Now The Best Time To Buy A House?

TODAY SHOW real estate expert Barbara Corcoran and personal finance expert Carmen Wong Ulrich explain why now may be the best time to buy a new home.

Barbara says:

I totally believe it’s the time to jump in.  There’s very little upside to waiting around and doing something later.  You’ve got cheap money, cheap prices, lots of homes to choose from. Why wait? It doesn’t make any sense

With regard to getting a mortgage right now, Carmen says:

Mortgage applications are at 15 year lows because it’s really tight.  You’ve got to have great credit and a solid down payment.  Mortgage lenders don’t want to absorb all the risk.  You have to have ample savings, outside of the down payment.  You need at least 6 months’ worth of mortgage payments in the bank and saved up.  Of course a great work history that you are employed really helps.  If you’re self-employed,  you’ve got to keep fantastic records.

While the spring is usually a time when home buying goes up, Barbara says:

You’ll see more houses coming on the market.  What  you won’t see coming into the market are lower prices.  You certainly aren’t going to see cheaper money, especially with what’s going on with fannie mae.  Everything is going to change in the financing game.  You’ll see a tougher spring to buy in.  Now, again, is the better time to buy.

Carmen says:

If you’re in a position to buy, don’t wait for the interest rates to go lower again.  If you’re in a position to get that mortgage, get it now.

If you are in a position to buy, now is the time.  Contact me at (305) 329-4929 or [email protected] for more information on what’s available in your neighborhood.

Written by Michael Solovay | Discussion: No Comments »

Do You Believe It’s A Good Time To Sell Your Home?

Do You Believe It’s A Good Time To Sell Your Home?For Sale

In a recent Keeping Current Matters blog post by Steve Harney entitled Selling Your House?  5 Reasons To Do It NOW!, Steve gives us 5 strong reasons to sell now instead of waiting until later in the year.

1)  Interest Rates Are On The Rise

Interest rates are now over 5%.  As rates increase, the mortgage amount a buyer qualifies for decreases.  Eventually this will have a negative impact on prices.

2)  Your Dream Home Will Never Be Cheaper

If you are buying, COST should be more important than PRICE.  Cost can be dramatically impacted by rising mortgage interest rates.

3)  Buyers Are Out Early

Mounting evidence is showing that buyers are coming out earlier this year than the ‘Spring Buying Season’ due to the believe that now is a good time to buy.  That coupled with the increase in interest rates has started the buying season early.

Pete Flint, CEO of Trulia:

“We’re seeing a national resurgence of buyer and seller activity on Trulia.com.  In January alone, we expierenced an unprecedented level of site traffic including 11 million unique visitors – which is more than 70% year-over-year growth.  We are now experiencing 100,000 property views per minute.”

The National Association of Realtors just reported that the number of house sales increased 12.9% over last month.

4)  Inventory Increases Every Spring

Here is the number of listings available for sale in 2010

  • February – 3,531,000
  • March – 3,626,000
  • April – 4,029,000

Steve Harney believes that there will be an increase in these numbers in 2011 as there is a pent-up selling demand created by the weak market of the last few years.  If you sell now you won’t have to worry about this increasing competition.

5)  We Are In The Eye Of The Foreclosure Storm

As banks try to correct their foreclosure procedures, there is a large supply of discounted properties which have been delayed coming to market.  This inventory will be released sometime in the next few months.  Foreclosures sell on average at a 41% discount.  When they are released these properties will be competing with your house for buyers.  If you are looking to sell in 2011, you want to sell before this inventory becomes your competition.

Let’s sit down today and discuss the best options for you.  You can contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Do You Believe It Is A Good Time To Buy A Home?

Housing Market

Do You Believe It Is A Good Time To Buy A Home?

In a recent Keeping Current Matters blog post by Steve Harney entitled The First Question You Should Ask Your Listing Agent, Steve discusses whether now is a good time to buy a home.

The Wall Street Journal last week stated:

With home sales starting to improve, and with prices now possibly forming a bottom, real estate could well be the asset class that represents the best low-risk buying opportunity out there today.

Donald Trump was just quoted saying:

I’m pretty sure this is a great time to go out and buy a house.  And if you do, in 10 years  you’re going to look back and say, ‘You know, I’m glad I listened to Donald Trump’.

John Paulson, a multi-billionaire hedge fund operator and the investment genius who made a killing betting against housing a few years ago, is now bullish on residential real estate market.  He recently said:

If you don’t own a home, buy one.  If you own a home, buy another one.  If you own two homes, buy a third.  And, lend your relatives money to buy a home.

A recent Gallup Poll showed that 67% of American’s think that now is a ‘good time’ to buy a home.  The Gallup Organization went on to say:

Overall, there is good reason for most Americans to think now is a good time to buy a house.  Interest rates remain near historic lows.  Home prices are down sharply, providing many incredible buys.

An iconic financial paper, the country’s most famous real estate investor, the most successful prognosticator of the housing market and 2/3 of all Americans say now is the time to buy a home.

If you have come to the same conclusion and want to buy a home or condo, I am ready to help you.  Please contact me at (305) 329-4929 or [email protected]


Written by Michael Solovay | Discussion: No Comments »

Top 10 Most Searched Markets On Realtor.com

Top 10 Most Searched Markets On Realtor.com

Realtor.com

Realtor.com, operated by Move, Inc., is an official website of the National Association of Realtors.  The Top 10 List is based on the number of visitors at Realtor.com that viewed properties in each metro area in the United States from January 2010 through December 2010.

The top 10 most searched for cities at Realtor.com for 2010 are:

  1. Las Vegas
  2. Los Angeles
  3. Orlando
  4. San Antonio
  5. MIAMI

  6. Phoenix
  7. San Diego
  8. Austin, Texas
  9. Tampa
  10. Chicago

“Online search is a critical measure of interest in real estate, especially now that more than 90% of buyers search for their homes online,” says Realtor.com President Errol Samuelson.  “Changing conditions throughout 2010 in the sunshine states resulting from foreclosures, the tax credit, interest rates and other factors created more interest in real estate compared to other states that we hope leads to increased activity and sales in 2011.”

For more information on real estate in the Miami area please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

City of Aventura Earns Green Government Certification

City of Aventura Earns Green Government CertificationGreen Local Governments

The City of Aventura is the proud recipient of a Green Local Government Certification designated by the Florida Green Building Coalition (FGBC). The FGBC certified the City at the Silver Level for demonstrating green efforts within a set of sustainability standards established for the Green Local Government Certification program.

The City of Aventura has made a priority to operate a green government for several years. These strategies benefit the community in several ways by reducing environmental impacts and operational costs. Some of the City’s efforts recognized by the FGBC include:

  • Green building incentives for residential and commercial building development.
  • Reducing irrigation water consumption utilizing Florida Friendly Landscaping principles.
  • Implementing environmentally preferable purchasing program including alternative fuel fleet vehicles and bio-diesel in the City’s shuttle buses.
  • Providing single stream recycling bins for public use at all City parks and facilities.
  • Providing public education and recognition such as the annual GO GREEN Awards Program.

For more information on the City of Aventura’s green efforts, visit www.cityofaventura.com.

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Update 2010: Year In Review

Real Estate Market Update 2010:  Year In Review

Ron Shuffield, President of Esslinger Wooten Maxwell, Inc. Realtors talks about 2010 real estate market, and what to expect in 2011.  Some interesting facts noted are:

  • twice as many homes were sold in 2010 than 2 years ago
  • 2010 turns out to be the best year since 2005
  • prices of single family homes have rolled back about 8 years
  • prices of condos have rolled back about 10 years
  • low prices coupled with some of the lowest interest rates ever seen have created unprecedented values for buyers today

For more information please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Real Estate Market Report For Aventura 33180

Real Estate Market Report For Aventura 33180

Executive Summary for Condos – Townhomes

January 3, 2011


Open publication – Free publishingMore supply

To receive FREE market information for your neighborhood just click here and register.

For more information please contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

Aventura Residential Inventory

Aventura Residential Inventory

November 2008 – November 2010

Aventura Residential Inventory Nov 2008 - Nov 2010

Properties for sale are properties where no current sale contract exists; pended properties are properties in which a contract for sale has been executed, but not yet closed.

This graph is based in whole or in part on data supplied by the Realtor Association of Miami or its Multiple Listing Service.

For more information contact me at (305) 329-4929 or [email protected]

Written by Michael Solovay | Discussion: No Comments »

How’s The Real Estate Market?

How’s The Real Estate Market?Executive Summary Report

MIAMI-AVENTURA 33180 Real Estate Market

All the market trend charts on this page are ‘live’. Bookmark this page to watch the market change each week. Want more details? Subscribe to my Real-Time Market Report. It’s all about what’s going on right now and it’s free! Let me know which neighborhoods you’re interested in and we’ll get you my Real-Time Market Report today! To register click here and make your selection.  You can select Hallandale-33009, Hollywood-33019, Aventura-33180, North Miami Beach-33160 or Miami Beach-33139.

Read the rest of this entry »

Written by Michael Solovay | Discussion: No Comments »

Upcoming Events At Aventura Arts and Cultural Center

Upcoming Events At Aventura Arts and Cultural CenterAventura Arts & Cultural Center

Celebration of Life Music Festival – January 8, 2011

On January 12, 2010, The New Victorian School was completely destroyed by the 7.0 earthquake which hit Port-au-Prince, Haiti. Romel Joseph, Executive Director, was trapped under the rubble of the school for 18 hours. His remarkable ordeal captivated audiences around the world, including Miami Herald, Washington Post, London Times, CBS News with Katie Couric, BBC, Stevie Wonder and others. Walenstein Musical Organization, also founded by Mr. Joseph, will present a “Celebration of Life Music Festival” to commemorate the 1st anniversary of Haiti’s earthquake, as well as help raise funds for the reconstruction of The New Victorian School.

Miami International Piano Festival: Prodigies & Masters of Tomorrow – January 9, 2011

South Florida’s got talent! Luis Urbina (19 year-old pianist) joins forces with Michael Province (15 year-old violinist) in a program showcasing the brilliant virtuosity of these rising stars. Both were selected by the Piano Festival for their extraordinary musicianship and receive guidance from the great Masters within the Piano Festival family. Province was featured in the documentary, “The World’s Greatest Musical Prodigies.” Urbina performed with the legendary violinist, Ida Haendel in New York City. Today’s program will feature Michael & Luis playing solo works and partnering on Grieg’s Violin Sonata in G and the “Symphonie Espagnole,” (Violin and “Orchestra”) by Edouard Lalo.

Brazilian Voices – Smart Stage Matinee – January 10, 2011

Don’t miss the beat with Afro-Brazil … be part of this exciting experience of unique musical rhythms born long ago when Read the rest of this entry »

Written by Michael Solovay | Discussion: 1 Comment »

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