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Latest Realty Listings News

Central Florida’s Coldwell Banker Ackley Realty Captures 2010 State, Regional Sales Honors
KISSIMMEE, FL Riding the crest of one of one of its best years to date with more than 170 million in Central Florida property sales, Coldwell Banker Ackley Realty earned top state and regional honors for 2010 sales production.Ackley Realty was recognized by Coldwell Banker as the No. 1 Florida affiliate in its category 51 to 100 agents for Adjusted Gross Income and as the top-ranked affiliate…

Existing Home Sales Rise in March

There have been some signs lately about the housing market crawling its way back slowly after it bottomed out last July. According to the National Association of Realtors (NAR), sales of existing homes in the United States rose 3.7% in March to a seasonally adjusted annual rate of 5.1 million.

These results were better than expected because many experts and economists had predicted that number to be close to 5 million units. In February, 4.88 million existing homes were sold, while the initial estimate was 4.92 million units. Although March's rate was 24.8% below the November 2009 peak of 6.49 million units, the fact that existing home sales have increased in six of the past eight months is being considered a small but sure step towards the U.S. housing market recovery.

In March, three of the four U.S. housing regions saw an increase in existing home sales. The South led the way with an 8.9% increase in resales to an annual level of 1.99 million, followed by a 3.9% increase in the Northeast to an annual level of 800,000, and 1% in the Midwest to an annual rate of

1.06 million. Sales of existing homes fell 0.8% in the West to an annual level of 1.25 million. 

Sales of single-family homes grew by 4% in March to a seasonally adjusted annual rate of 4.45 million units. Sales of condos rose 1.6% to an annual rate of 650,000. Some housing analysts argue that sales of existing homes in March of this year were lower than the 5.44 million units sold in March 2010. Although it is true that sales were at a higher level between the months of March and June 2010, these elevated levels were due to buyers rushing to take advantage of the federal tax credits for homebuyers.

According to a NAR survey, first-time buyers purchased 33% of homes in March, compared with 34% in February. Cash sales accounted for 35% of the market share in March, up from 33% in February. Investors accounted for 22% of sales, up from 19% in February. The remaining 45% were purchased by repeat buyers.

The improving sales pattern is likely to continue, said NAR Chief Economist Lawrence Yun. "Existing-home sales have risen in six of the past eight months, so we're clearly on a recovery path," he said. "With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain-primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percentage of income have been at record lows."

"Although home sales are coming back without a federal stimulus, sales would be notably stronger if mortgage lending would return to the normal, safe standards that were in place a decade ago-before the loose lending practices that created the unprecedented boom-and-bust cycle," Yun explained. 

NAR's housing affordability index shows that the typical monthly mortgage principal and interest payment for the purchase of a median-priced existing home is only 13% of gross household income, the lowest since records began in 1970. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84% in March, down from 4.95% in February.

The inventory of existing homes decreased to 8.4 months in March, as compared to 8.5 months in February. If sales continue at this rate for the rest of 2011, this year will be better than 2010 for existing home sales.

Congress eliminates all funding of HUD “Housing Counseling Assistance Program”

The recent budget approval by the U.S. Congress avoided a government shutdown and ensured that the federal government would be operational through the end of this fiscal year (FY). The final budget agreement contains numerous spending cuts across a variety of domestic discretionary programs, including the elimination of all funding, totaling $88 million, for the Housing & Urban Development Department’s (HUD) Housing Counseling Assistance Program. The program helps millions of home owners by providing free counseling on foreclosure, reverse mortgages, refinancing, and pre-purchase services.

These cuts include all funding for federally mandated reverse mortgage counseling. Borrowers seeking FHA-insured reverse mortgage are mandated by federal guidelines to first go through HUD-approved reverse mortgage counseling. In many cases, local housing counseling agencies – approved and funded in part by HUD – are the only source of help for distressed homeowners.

"This unique counseling helps older homeowners understand the costs, benefits, and risks associated with these loans,” said Barbara Stucki, of the National Council on Aging (NCOA), one of eight intermediaries that provide this counseling service nationwide. “Without this funding, older Americans who can least afford it may have to pay for this critical advice out-of-pocket,” Stucki said. 

The federal agency, state housing associations, and even some lawmakers themselves have touted such HUD-approved counselors as the go-to source for homeowners struggling to make their mortgage payments. Their services are free and organizations working to educate borrowers about foreclosure relief scams position HUD-approved counselors as their strongest defense.

Over the past two years, HUD-approved housing counselors have helped more than 4 million families struggling to keep their homes, according to the federal agency.  Housing experts state that the HUD funding provides much-needed assistance to struggling homeowners across the country — and the housing recovery — could be severely impacted by its elimination.

Faith Schwartz, executive director of HOPE NOW, said, “Housing counseling dollars remain critical to homeowners at risk…Housing counselors have a proven track record of success with regard to pre-purchase and foreclosure prevention counseling. Eliminating an important source of funding is concerning, as industry and non-profit counselors have been working together to keep people in their homes.”

Despite having a history of bipartisan support, the program lost its entire budget. Eliminating this program will cause many nonprofits to cut these free counseling services and lay off highly skilled staff. A lot of people are shocked that Congress would cut such a results-driven program especially with data showing that access to counseling reduces default rates. 

Many industry analysts feel cutting the nation’s nonprofit housing counseling system is a bad public policy, especially when the country is burdened by record foreclosures, high unemployment and economic uncertainties. Many nonprofit organizations are warning about an increase in foreclosures due to the elimination of the Housing Counseling Assistance Program. Scam artists and real estate speculators are expected to come out in droves to take undue advantage of vulnerable homeowners.

Rent vs. Buy – Where Real Estate gets Personal

Home ownership has always been considered as the cornerstone of the American Dream. Lately however, due to the ongoing housing crisis, renting instead of buying has been on the rise. Some pundits are saying that the benefits of home ownership are declining and renting as opposed to owning is the trend of the future. People on the other side of this issue are strongly disagreeing with such statements. Regardless of which way the debate goes, let’s look at the pros and cons of both renting and buying a house.

Pros of Buying

·         You have the pride of home ownership

·         You have achieved a part of the American Dream

·         You may benefit from tax deductions that come with home ownership

·         In the long run and under normal circumstances, you may benefit financially

·         You have full freedom to paint, remodel, drill, nail, and decorate your home as per your wishes

·         You won’t feel guilty about helping your landlord payoff his/her mortgage and enjoy the benefits at your expense

·         You can have pets

·         You’ll eventually be able to pay off your mortgage and become debt free

·         It gives you satisfaction that your kids can inherit your property.

 Cons of Buying

·         You will be shelling out a lot of your savings for the down payment

·         When you add property taxes, escrow and PMI (if you haven’t put 10 percent down) to your monthly mortgage payment, you’ll end up spending more than renting

·         You will be responsible for landscaping costs, home owners’ association fees and general upkeep expenses

·         Homeowner insurance is significantly higher than Renter’s insurance

·         Your appliances will eventually breakdown, requiring you to pay for repairs or replacements

·         In recessionary periods, you have the risk of significantly losing the value of your home

·         You may not be able to move easily or quickly to pursue better employment opportunities

·         You may incur additional expenses of managing and maintaining your property if you rent your house due to a forced relocation

·         The money you have spent on remodeling cannot be recouped if your house is in a down market.

Pros of Renting

·         Renting offers quick mobility and liquidity, but you lose quite a bit of freedom and you may have to make some compromises with your preferred quality of life

·         You really like the area but it is very difficult or expensive to buy a house there

·         If your rent is lower than the prevailing mortgage payments in the area, you’ll have more money for other things

·         If you have newly relocated to a town, renting for six months to a year may be a better option for you till you figure out where you want to live

·         Perhaps your personal financial situation is not healthy enough to buy a house at this time

·         May be your job requires you to stay in a city for a relatively short period of time and relocate to a different part of the country or world at a short notice

·         You may be in an area that has taken a severe beating during the recent real estate crisis, and the prices are still unstable

·         Your job situation may be shaky and even though you can afford to buy a home now, you have the freedom and peace of mind of being able to relocate quickly if need be

·         You are unsure how long you will live in the area, and it may also be very difficult to sell in that area

·         You don’t have to worry about your home losing its value drastically, leaving you with an upside down mortgage – where you owe more than the value of the house.

Cons of Renting

·         You are not building equity or assets when you rent

·         Your rent may sharply increase after your lease period ends if you are living in a high demand area

·         You like the house you are renting. But it has carpet, whereas you prefer hardwood

·         You desire to own a pet. But the landlord of the home you are renting has a no-pet policy

·         You prefer gas-based cooking, but the house you are renting has an electric stove

·         You like hanging lots of family pictures and paintings, but the home owner may restrict nailing walls

·         You have a problem with an appliance, but your landlord is not very responsive

·         You will not be able to cut a hole in a wall to conceal your home theater speakers

·         You emotionally resent the idea of helping your landlord become debt free instead of yourself

·         The owner of the home you are renting may become delinquent on the payments and the house may be foreclosed, causing you to lose your security deposit and your roof.

This is by no means a comprehensive list. Feel free to send us additional pros and cons to make this a bigger and better list.

Approached by someone about your loan delinquency? Common scams and how to avoid them

With mortgage delinquencies going through the roof in recent times, scam artists are coming out of the woodworks in droves. In this blog post we will highlight how to identify and avoid some of the common loan delinquency avoidance scams.

Run as far as you can if you encounter any of these red flag situations:

A person or organization guarantees avoiding foreclosure and seeks upfront payment from you to discuss the specifics. The payment they ask may be in the range of one thousand to five thousand dollars and they may have a compelling dog and pony show to make you a believer. No one can guarantee stopping foreclosure proceedings, especially without performing an in depth analysis of your personal situation. Just remember that these scamsters will disappear as soon as they get your money, and they will never talk to a lender.

These sleaze bags claim to have the magic formula for stopping foreclosures dead in their tracks. Of course they will not talk to you without an upfront credit card number from you. They will then charge you for the initial consultation, phone calls and paperwork to get general information which you could have done on your own. Their objective is to lull you into a false sense of trust and security and prevent you from seeking qualified help. They will end up with your money and you will be left with huge credit card bills and an imminent foreclosure.

A person or organization, that asks you to pay them instead of your mortgage lender.

Again, these are unscrupulous criminals whose only agenda is to rip you off and fill up their pockets. Many scam artists create attractive flyers, fake testimonials and impressive credentials to convince their credibility to you. Just tell them you believe in researching everything thoroughly before making a decision…and you will perhaps never hear from them again. Here’s how this scam works:

Let’s say you put your house on the market because you are finding it difficult to make payments anymore. A potential buyer approaches you and offers to pay the full price you are asking and even promises to help you avoid foreclosure. But there is a catch. You are required to deed your property to this buyer and you must also move out immediately. What happens next is this so called buyer simply pockets the monthly mortgage payments you are giving him instead of sending it to your lender. The lender will eventually foreclose on you and you will be left wondering what happened because you were not in your house to read and act upon the bank’s foreclosure notices.

Another variation of this scam is where the so called buyer promises to bring the mortgage current. He will even let you stay in the home, provided you transfer ownership to him. Again, no payments are made by him to your lender and you will soon receive an eviction notice.

A third variant is the “rent or buy it back” offer in which just like the previous two cases, you are required to transfer ownership to this scheming buyer, with the understanding that you will be renting the house from him for an amount that’s lower than your monthly mortgage payment, with an option to let you buy it back from him in the near future. The end result is no different.

Fake counseling agencies

Some online companies with nice websites may convince you they are legit counseling agencies and bait you into giving them your personal information. To ensure that you give them your credit card, they will throw in many freebies such as a free 20 minute consultation to analyze your personal situation (which according to them is a $500 value!), a promise to cut a deal with your lender to lower your interest rate, or negotiate a lower monthly payment plan, etc., which by the way are things you can do on your own without spending a penny.

To avoid becoming a victim to any of these scams, do not give any personal information, credit card number or a check upfront to any individual or company without asking them for sending details in writing. Then call the Better Business Bureau (www.bbb.org) or your local consumer advocates to verify their authenticity. Most reputable businesses do not use pressure tactics to get your business, or make lofty promises. A prudent thing to do would be to first call your lender or an authentic non-profit credit counseling agency that does not require you to cough up upfront money or your credit card number. You could also contact a licensed professional real estate firm like Coldwell Banker Ackley Realty.

A heightened awareness of foreclosure prevention scams and proactive vigilance is the only way to combat this growing menace. Just remember that if anything sounds too good to be true, it probably is!

Visit these websites for more information:

www.usdoj.gov/ust/eo/public_affairs/factsheet/docs/fs06.htm

http://www.federalreserve.gov/pubs/foreclosurescamtips/default.htm

http://www.federalreserveeducation.org/news/multimedia/foreclosure_avoidance_scam_ads.cfm

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre42.shtm

2011 First Quarter Office Awards

Coldwell Banker Ackley Realty, just named "Top Office" AGAIN by Coldwell Banker. 

The Top Office Awards was presented to CBAR for the following awards.  This is a repaeat of the previous quarter.  CBAR has an exceptional team, who not only lists homes but sells them!

FIRST QUARTER, 2011

LISTING UNITS

SOUTHERN REGION

51-100 SALES ASSOCIATES

FIRST QUARTER, 2011

TOTAL UNITS

SOUTHERN REGION

51-100 SALES ASSOCIATES

Dorothy Buse Earns Top Spot at the Coldwell Banker 2010 International Awards

Each year Coldwell Banker ranks Associates on several different categories and on several different levels.  This year, Coldwell Banker Ackley Realty is proud to announce, Dorothy Buse was #1 in Florida, #1 in the South East Region and #1 Nationally. 

Dorothy’s 2010 Awards

#1 Sales Associates National Awards! This prestigious national award recognizes the top producing individual COLDWELL BANKER® sales associate in North America for Total Units.  (Approximately 90,000 associates)

#1 Sales Associate Regionally Awards recognizes the top producing individual sales associate, from independently owned and operated COLDWELL BANKER® companies for each of the U.S. Regions in the categories of Adjusted Gross Commission Income and Total Units. Dorothy won both categories!

#1  Sales Associate by State Award!  This award recognizes the top producing individual from independently owned and operated COLDWELL BANKER® offices in each U.S. state for Adjusted Gross Commission Income.

Sales Level Designations

International President’s Premier  - less than 1% of all sales associates internationally qualified

Dorothy Buse

Peter Macera

International President’s Circle - the top 4% of all sales associates internationally qualified

Rajia Ackley

Domincio Pagan

David Plasencia

International Diamond Society -  the top 7% of all sales associates internationally qualified

Dave Couture                                                   

Marion McKenzie

Jeanine Madden

Paul Antonelli

International Sterling Society - 11% of all sales associates internationally qualified

John Guelde