Existing Home Prices Up In May

Brevard County existing home sales shot up 19 percent in May, the Florida Association of Realtors reported today.  Median 

prices fall 24%.   Full Story by Wayne T Price.

Owe More Than Your Home Is Worth? This May Help.

     One out of five homeowners currently owes more on his mortgage than the house is worth.  If you are among them but you can afford your payments and aren't planning on moving in the next few years, stop worrying.  You are rebuilding equity with every payment you make, and home prices will eventually rebound, bringing you above water again.

     Refinancing may also be an option.  The government's new mortgage-relief program allows people who owe as much as 105% of their home's value to get a new loan, as long as their current mortgage is held by Freddie Mac or Fannie Mae and they can provide proof that they will be able to afford the new payments.  Homeowners who are struggling financially may also be able to get their loans restructured.

     Your last resort is a short sale, in which your lender lets you sell the house for less than you owe.  But that sometimes might drop your credit score as much as 200 points, making it tough to get another loan at terms you can afford.

ACTION PLAN:

To see whether you're eligible to refinance or restructure your loan, 

go to www.mortgagereliefonline.com.  

Contact your lender if you're struggling to make your payments.

You're more likely to get help if you reach out before warning notices start coming out.

Contact your local real estate professional for comparable short sale 

prices in your area.

Craig Matters, Money Magazine

If you are upside down on your mortgage and would like more information on the choices available to you, please call Dave Silver, Devin Realty Inc.  321-508-2669 

Trading Up In A Buyers Market

Falling home prices are a great opportunity for homeowners, especially in the high end markets, that are looking to trade-up.   Even though your home sale price may be lower than you paid, the smaller loss on sale of your home can be compensated by greater savings on your next purchase. 

  

If home prices were to drop by 10 percent, here's what it could look like if you decide to trade up.

Home Price=$300,000

Sell at=$270,000  ($30,000 loss)

Home Price=$600,000

Purchase at=$540,000 ($60,000 savings)

If you are interested in taking this opportunity to trade up your home, and would like some further information, please contact Dave Silver at Devin Realty  321-508-2669

Estimating Clients Affordability Range

Traditionally, real estate and mortgage professionals have encouraged homeowners to stretch – to shop for homes at the upper end of their affordability range.  Full Story  by Ralph Roberts

Residential lots are hot

It might seem surprising in this market, but in investment real estate, residential lots are hot right now, especially in markets that saw the highest increase and biggest drops in the past few years.  Full Story  by Kenneth R. Harney

Get a great deal on a short sale

Short sale- When a lender allows a seller to sell their home for less than is owed.

If you're in the market for a home today, you're almost guaranteed to be looking at some short sales. Nationwide, 14% of homeowners are currently underwater on their mortgages, calculates real estate website Zillow.com. 

Short sales are a great way to get a great deal on a house that just a few years ago, may have been out of your price range.  Although short sales are becoming more common in this market, there are a few difference that you should know that will help the process go as smooth as possible.  Full Story   By Joe Light, Money Magazine staff reporter