With today’s considerably lower Miami Beach real estate prices, the large inventory of foreclosures and bank owned property the question becomes more of what kind of property is worth investing in than anything else. For purposes of this article, we’ll focus on bank owned properties, also known as REO (real estate owned) property.
A home becomes real estate owned if it doesn’t find a buyer during a property auction. Since banks aren’t necessarily designed to function as Miami Beach real estate property-owners, they’re usually very eager to get rid of them which can result in considerable discounts. However since an REO is not the same thing as a foreclosure, lenders can still earn a profit from them so don’t expect as deep of a discount.
A perk of buying a Miami Beach real estate REO is that there’s much less of a risk of dealing with liens, taxes and other unforeseen costs that come with a foreclosure since lenders will take usually deal with them before the sale is closed. However an REO can still be in bad condition like a foreclosure so it remains important to get a home inspection or check the home out yourself, lenders are not at all obligated to make any repairs on the property but they will allow you to back out if something is seriously wrong.
Posted at 10:24:21 AM
Thursday, March 5, 2009
Examining the Interior of a Home
If you’ve been browsing through Miami Beach real estate on the internet, you’ve more than likely come across numerous resources thoroughly explaining how important it is that you carefully consider where the home is located, the values of neighboring homes, etc. If you’ve done your homework, perhaps it’s time to narrow down your assessment to the home you may soon be living in by giving the interior a meticulous examination.
Perhaps you’d like to start off with the electrical wiring. Depending on your familiarity, you may wish to leave this to a professional or have it done as part of the home inspection report, should you request one. Always check this part out regardless of whether the home was built ten years ago or five years ago.
The plumbing is a little easier. Leakage can often be discovered just by taking a look behind sinks since that’s the spot where mold has the best conditions for accumulating. A leaky sink could be an indicator of bad pipes and thus plumbing, something you likely want to bring to the appropriate person’s attention before signing off on the dotted line on your Miami Beach real estate purchase.
Not all homes come with an addict but if there is one, you may wish to make it your first stop. If you want to examine the roof, the attic is the best spot to do so. If there’s wood that shows wear and tear, this could lead to leakage later on.
Posted at 11:00:29 AM
Wednesday, November 26, 2008
Compiling Comparable Sales
With the advances in technology and the widespread availability of the World Wide Web, there is more real estate information available than ever. Realtors have a number of resources available to help them with their seller and buyer assistance efforts and among these, it’s important to have a good idea of average sales prices in any given neighborhood, officially known as comparable sales and often referred to simply as comps.
Depending on the state where the realtor is doing business, obtaining information on comps can be done by simply heading over to the local courthouse and browsing through public records or reading newspaper listings to get a glimpse of recent sales figures. However this method means that such services need to actually be provided in order to make use of them.
The most readily available resource is the internet since there are many websites available which can be used for finding comparable sales information while removing the need to do a lot of unnecessary and possibly fruitless legwork. Keep in mind though that there is no guarantee as to how current this information may be. A similar approach is to subscribe to service companies which can mail or offer this information via other means besides the internet. Even so, the same problems of encountering outdated information are still there.
The MLS can be extremely useful and if the person using it is already a licensed realtor then they have access to a wealth of information on multiple listings which is more often than not kept up to date.
At the end of the day however, perhaps the best way to have the sharpest knowledge on comps is to take the self research approach and focus on a certain neighborhood and staying abreast of sales.
Posted at 4:43:12 PM
Friday, October 31, 2008
Existing Home Sales Rose Nationally Last Month
While the economy seems bleak with the stock market fluctuating daily and a steady amount of major companies going bankrupt or merging, the real estate market seems to be headed down a different path. Month-after-month the real estate market has slight improvements. Experts think the worst declines in the real estate market have already past while the economy still has a while before it stabilizes.
Recent reports from the National Association of Realtors (NAR) show an increase in existing home sales. Home sales were up 5.5 percent with a total of 5.18 million units sold across the country in the month of September which was higher than the previous month by 1.4 percent. Lead economist for the NAR Lawrence Yun suggests this is part of “a sales turnaround which began in California several months ago…” and “is broadening now to Colarado, Kansas, Minnesota, Missouri and Rhode Island”.
The cause of this influx of real estate business, according to NAR President Richard F. Gaylord is “low home prices and low interest rates”. The nearly thirty percent discounts in home prices in major cities and rural areas have attracted buyers back to the real estate market in certain areas of the country. Richard F. Gaylord is optimistic about recent gains and thinks the real estate market is on its way to recovery.
Lawrence Yun, while also optimistic about the recovery of the real estate market, warns of “market disruptions” on the road to real estate market recovery. The credit markets have a significant impact on the real estate market and as they experience tough times it may have averse effects on the real estate market. But that aside, the NAR is predicting that the worst for the real estate market is over and that it will recover sooner than the economy itself.
Posted at 10:53:28 AM
Friday, September 5, 2008
Global warming, damaging fuel emissions, they’re all more of a concern on people’s minds these days as they become more and more aware of their long term effects on the environment and how important it is to try and incorporate “green practices” into your daily lifestyle whether that means doubling up your recycling efforts or reducing the amount of time you spend sitting idly in traffic.
In real estate, many developers have taken into account how they too can make homes “greener” and many have made use of natural resources to create environmentally friendly condo buildings like Ten Museum Park which uses its glass design to allow tons of natural sunlight to come into the building, thus reducing the need to flip on artificial lights, at least during the day.
The Ten Museum Park condo is only a small part of a bigger picture. Its home, downtown Miami is recognized not only by its sweeping business and condo skyscrapers, but also the numerous and elaborate light displays that bring the city to new life during the evening. Obviously all this visual eye candy, while certainly nice to look at does not do the environment any favors. Thus, to reinforce the message of how important it is to turn off nonessential lights whenever possible, Ten Museum Park and all those other high rises in downtown Miami’s will turn off their own unimportant lights on March 29 in a global effort to encourage environmental awareness.
Regardless of whether you live in a Miami single family home or a luxury condo, the efforts required by you to help out the environment even a little are that simple: turn off lights when you leave a room, drop a plastic water bottle or soda can into a recycling receptacle instead of the trash. It may seem useless but it’s always good to know you’re doing your part in making the world you share with everyone else that much more pleasant.
hat require little to no repairs. Don’t get caught up in the fierce competition without having a limit of how far you’re willing to bid, always remember the winning bid is only a component of the other fees that follow. As you learn the ropes, you’ll eventually get a feel for how real estate auctions work and who knows, if you become good at it, they may become your preferred method of buying Florida real estate.
Posted at 2:50:44 PM
Tuesday, June 24, 2008
International Florida Real Estate Assistance
To some degree the foreclosure situation has transitioned from how to prevent foreclosures to how to get rid of the hundreds of foreclosure properties already available on the market. South Florida homes are among the highest in foreclosure filings, contributing to an already overcrowded housing glut. The answer to appeasing the situation may lie beyond the U.S. borders.
Strategic Real Estate Advisors is an asset management firm situated in London that plans to raise $1 billion dollars in order to purchase luxury property like Miami Beach oceanfront condos currently owned and being sold by the banks through the Florida Prime Residential Opportunity Fund.
Itâ€™s interesting to note that not only is Strategic Real Estate Advisors located outside of the United States, the majority of the funds which will go towards the purchase of all these luxury properties will be coming from well to do investors and funds located throughout Europe and the Middle East. Recent reports have consistently pointed towards international investors and buyers as integral towards maintaining interest in Florida property investments and sales.
Critics may see Strategic Real Estate Advisorsâ€™ initiative as ineffective since they wonâ€™t be making a profit. The firm actually plans to buy and then hold onto these properties for next six years or so, a move that may cost considerable funds as the market fluctuates but which should bring considerable profit by the time it decides to sell them off as a residential property investment or something else entirely.
Within a seven year timeframe home values and the real estate market in general will certainly be in much better shape and buying activity will likely have increased so in a sense Strategic Real Estate Advisors are providing a worthwhile short and long term solution. Is this just another flash in the pan or is it a viable strategy?
Posted at 12:30:39 PM
Wednesday, May 28, 2008
Homes Are Selling Again
Amidst the doom and gloom of housing market reports comes a recent report suggesting the real estate market is showing strong signs of life. In these tumultuous times it's easy for people to think that the economy is headed for recession or even a crash. Despite current market reports that suggest we are beginning to see slow signs of recovery there are still those who would rather build a bunker under their homes to prepare for an apocalypse then invest in real estate.
The last half dozen months have not seen much progress in the way of homes sold. The highest percentage of drop in home sales occurred during that period leading many to believe that the market would eventually begin to recoverâ€”and it did. In April homes sales increased slightly, which wasn't enough to ease all tensions in the housing market but enough to show that the market is on the right track to recovery.
Property value also rose slightly across the nation showing encouraging signs of the real estate market's enduring strength. Though the median home value is comparably low to just four years ago the fact that property value is stabilizing across the country is a sign that things will return to normalcy sooner than later. When property values experience steady rise it will be more practical for people to sell homes and to convince investors to buy homes.
So, how should one react to recent reports of trends reversing in real estate? Real estate transactions rising are a sign that demand for property is still alive. Prices are almost at a low enough level that many people sitting on the fence on whether or not to invest will soon become active. As sales increase, so will home values and soon real estate investments will become stable enough to return to business as usual.
Basements can be dank spaces with little light. Lighting is essential. This will help prevent accidents and make the basement much safer. There are lots of ways to bring lighting to your basement. Basement window wells bring in natural light and air. Other parts of the basement benefit from artificial lighting of all kinds. Begin with any stairs to the basement. Stairs should have enough lighting so everyone can see where theyre going even late at night. Overhead lights are a good choice as they can illuminate all parts of the basement. Set up a cozy corner in one part of the space with scattered uplights.
Many homeowners choose to use the basement for additional storage. Make this task easier with the right kind of storage. For example, consider lots of built-in storage. Use the staircase to put in extra shelving. Storage space can also be carved out of other spaces in the basement. Using awkward spaces such as little corners allows every single space to be used efficiently. Add in other options. A hanger with hooks for clothing and cubicles next to the door are good choices that help you stay organized.
Dress up Plain Drywall
The basement drywall can feel drab and unappealing. It can be hard to clean and get dinghy over time. Make the basement more appealing by redoing the walls. Wainscot paneling is a great way to add detail. Use them to help define the space better. Paint the bottom of the panels white to bring in more color. You can also consider adding a contrasting color such as vivid red or deep blue to help show off the panels fine details. This is also a good space to use your favorite fabrics. If you have a collection of scarves from your travels abroad, hang them across the walls. Theyll add color and pattern. Create a man cave feel in this part of your home with dark green walls and lots of pictures of your favorite sports teams everywhere.
Your basement floors need to be thought about carefully. You want flooring that can take a beating and still look good. This is a good place for options that are soft underfoot and easy to clean. Rubber tiles offer lots of give for a basement youre using as a family room. Tile is durable and stands up to potential water damage easily without staining. Tiles that look like wood offer a warm welcome and yet are also easy to clean and will take on water without a problem in the event the basement floods. You can layer on the texture and warmth with lots of different kinds of rugs. Place several in varied areas. This helps define each space and provide softness underfoot when you want to take off your shoes and snuggle up with your family as you all watch your favorite shows.
Extra space in any home is incredibly useful. The basement offers the space youll need to hold a party, welcome guests or just stretch out on a cold winter day. Making your basement more livable is easier than ever. Lighting, storage, and flooring help bring it to life.
The best place to search for a rental apartment that allows pets is the internet. You can also like Facebook pages or join Whatsapp groups dedicated to rental services. You can also check the lists of apartments that allow tenants to move in with their pets with the Animal Humane Society.
Offer to Pay a Refundable Pet Deposit
Pets can damage rental properties, and property owners are responsible for ensuring tenants cover any damage caused by their pets once they move out. Your landlord is likely to ask for a pet deposit because it gives them a sense of security, so donrsquo;t hesitate to pay it. However, some, if not all of this money will come back your way because pet deposit is usually refundable.
Brush up Your Petrsquo;s Resume
Of course, you want to move with your lovely pet wherever you go, but pets arenrsquo;t welcome in all rental houses. Convincing a landlord why you have to move in with your pet can sometimes be difficult. Thus, itrsquo;s crucial for tenants to pitch not only themselves but also their pets. Consider reaching out to former landlords, vets, and obedience trainers for recommendation letters to show your landlord. You can also draft your petrsquo;s resume detailing its medical history, age, certification, and breed. You can also suggest to set up a pet interview if the landlord is still not convinced why they should allow you to move in with your pet.
Consult Your Vet
Your pet might need to undergo certain tests before you move with it across state borders. The USDA requires that every pet that will cross state lines to be vaccinated against rabies and obtain certification from a veterinarian. The same requirements apply to overseas travels but can differ based on the country yoursquo;re > > Full Story
Anymore, agents are utilizing social media, newsletters, mailers, and so much more in their marketing plans in order to stay in front of past, present, and potential clients, but one of the most valuable tools that every agent needs to add to their marketing repertoire is the use of engaging videos. Donrsquo;t believe us? Here are five reasons why every real estate agent should be using video marketing:
5. Theyrsquo;ll remember you
According to Insivia, the average viewer retains 95 of a message when they watch it, versus when they read it in text. Take market conditions, for example. Market conditions can be difficult to swallow for the average consumer, but integrating a market conditions video will make them much more user friendly, all while providing useful information your clients will thank you for.
4. Yoursquo;ll go ldquo;viralrdquo;
Chances are yoursquo;re currently utilizing social media as part of your marketing plan, but if you arenrsquo;t seeing the engagement yoursquo;re hoping for from your followers, video could be the solution. Sharing videos to your social feeds generates 1,200 more shares than text and images combined. Plus, 92 of users watching video on mobile devices will share it. Consider posting more videos in order to engage your audience, get shares, and expand your reach. Try a video about real estate advice or home improvement ideas. Even if yoursquo;re camera shy or not savvy with a video camera, these videos can be totally done-for-you with your branding and agent info.
3. Videos help consumers buy
Forbes states that 90 of consumers use video to assist them with making buying decisions, while 64 of consumers say that watching a video makes them more likely to buy that product. Consider what those stats could do for a listing video; agents who utilize video as part of their listing strategy will likely see a rise in offers and viewing requests, thus, increasing the likelihood of increased sales.
2. Itrsquo;s great for your websitersquo;s SEO
Every real estate agent vies for the opportunity to be listed on the first page of Google search results ndash; adding video to your landing page can help. In fact, video drives up to a 157 increase in organic traffic from search engines to your website, and makes it 53 more likely to show up on page one search results. Not to mention that websites that include video on their landing pages have historically seen an 80 increase in conversions. Not bad at all
1. Video makes an incredible first point of contact
Whether you utilize an e-newsletter service, or simply want to get a better response rate in your everyday communications with potential clients, video can help. Including a video in place of a lengthy email text actually increases your click-through rate by 300. This is yet another place where a listing video can come in handy, or even an agent introduction video to give your potential client an idea of who you are as an agent, without having to spend time reading your digital ldquo;resume.rdquo;
If video marketing isnrsquo;t currently in your marketing arsenal, it should be. Not sure where to start? Wersquo;ve got you covered. Give the VScreen marketing suite a try with their free two-week trial. Yoursquo;ll be able to utilize their totally customized and done-for-you video products to see just how beneficial video marketing can be to your business.