The real estate market in Southwest Florida is saturated with homes. On an average day 1 listing is sold and 4 new listings come on the market. This is good for potential buyers with plenty of homes to pick from.Pricing has been adjusted with market conditions,home prices have dropped 20 to 35% depending on location,sellers are very motivated to sell . Remember people that invest now when prices are low and can choose from many homes that are on the market will be the winners when the market rises again. Homes will appreciate again !
Dominic Pallini RE/MAX Estates
239-949-2117
www.PalliniSells.com
Friday, November 16, 2007
Saturday, September 1, 2007
NAPLES FLORIDA REAL ESTATE
WHAT A GREAT TIME TO BUY A HOME !
Rates on 30-year mortgages drop to the lowest point in 3 months
Mortgage Rate Trend Index
If mortgage industry experts polled by Bankrate.com are right, mortgage rates will decline over the next 30 to 45 days. While 23 percent expect no change, 77 percent foresee a decline and none predict an increase.WASHINGTON – Aug. 31, 2007 – Rates on 30-year mortgages fell this week to the lowest level in three months.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent. That was down from 6.52 percent last week and was the lowest level since the week of May 31, when rates stood at 6.42 percent.The moderation provides welcome news for prospective homebuyers, many of whom are finding it harder to obtain loans as lenders tighten up on borrowing standards in the face of rising loan delinquencies.Rates in other mortgage categories were mixed last week.Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.12 percent, down from 6.18 percent last week.But rates on five-year adjustable-rate mortgages rose slightly to 6.35 percent, compared with 6.34 percent last week.Rates rose more steeply for one-year adjustable-rate mortgages, climbing to 5.84 percent, up from 5.60 percent last week.The big drop in 30-year mortgage rates followed the Aug. 17 decision by the Federal Reserve to slice its discount rate, the interest it charges to make direct loans to banks. That move was designed to calm recent turmoil on Wall Street about a spreading credit crunch.Many economists believe the Fed will soon decide to cut its more economically significant federal funds rate fund, a key benchmark for millions of consumer and business loans.The mortgage rates do not include add-on fees known as points. Thirty-year mortgages and 15-year mortgages each carried a nationwide average fee of 0.5 point. Five-year ARMs had an average fee of 0.6 point while one-year ARMs carried an average fee of 0.8 point.A year ago, rates on 30-year mortgages stood at 6.44 percent, 15-year mortgages were at 6.14 percent, five-year ARMS averaged 6.11 percent and one-year ARMs were at 5.59 percent.After a five-year boom, sales of both new and existing homes fell sharply last year. The slump has gotten worse this year as lenders have tightened standards amid soaring foreclosures and late payments. Those problems began in the market for subprime loans that are offered to borrowers with weak credit histories, but have now spread to other loan categories.
Rates on 30-year mortgages drop to the lowest point in 3 months
Mortgage Rate Trend Index
If mortgage industry experts polled by Bankrate.com are right, mortgage rates will decline over the next 30 to 45 days. While 23 percent expect no change, 77 percent foresee a decline and none predict an increase.WASHINGTON – Aug. 31, 2007 – Rates on 30-year mortgages fell this week to the lowest level in three months.Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.45 percent. That was down from 6.52 percent last week and was the lowest level since the week of May 31, when rates stood at 6.42 percent.The moderation provides welcome news for prospective homebuyers, many of whom are finding it harder to obtain loans as lenders tighten up on borrowing standards in the face of rising loan delinquencies.Rates in other mortgage categories were mixed last week.Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, averaged 6.12 percent, down from 6.18 percent last week.But rates on five-year adjustable-rate mortgages rose slightly to 6.35 percent, compared with 6.34 percent last week.Rates rose more steeply for one-year adjustable-rate mortgages, climbing to 5.84 percent, up from 5.60 percent last week.The big drop in 30-year mortgage rates followed the Aug. 17 decision by the Federal Reserve to slice its discount rate, the interest it charges to make direct loans to banks. That move was designed to calm recent turmoil on Wall Street about a spreading credit crunch.Many economists believe the Fed will soon decide to cut its more economically significant federal funds rate fund, a key benchmark for millions of consumer and business loans.The mortgage rates do not include add-on fees known as points. Thirty-year mortgages and 15-year mortgages each carried a nationwide average fee of 0.5 point. Five-year ARMs had an average fee of 0.6 point while one-year ARMs carried an average fee of 0.8 point.A year ago, rates on 30-year mortgages stood at 6.44 percent, 15-year mortgages were at 6.14 percent, five-year ARMS averaged 6.11 percent and one-year ARMs were at 5.59 percent.After a five-year boom, sales of both new and existing homes fell sharply last year. The slump has gotten worse this year as lenders have tightened standards amid soaring foreclosures and late payments. Those problems began in the market for subprime loans that are offered to borrowers with weak credit histories, but have now spread to other loan categories.
Thursday, August 23, 2007
Florida RealEstate Taxes
Homestead no protection against tax increases this year
Florida homes have a market value (estimate of worth) and an assessed value (basis for property tax calculations). An owner’s assessed value, at first, should be market value minus $25,000, the homestead exemption and the local government applies its tax (millage) rate to that number. But Save Our Homes also impacts assessed value by capping it at a maximum 3 percent yearly increase. However, that cap is a yearly tool and applies anytime assessed value is below market value (minus $25,000). And for many of the state’s long-time homeowners, assessed value is significantly less than market value (minus $25,000). These owners will still see a tax increase this year, even if their market value of their home declines, as long as there is a gap between the just market value and assessed value of their home. In addition, SOH applies only to assessed values. If a local government opts to increase millage rates, property taxes for homesteaded homeowners would also go up. For more information, visit the Florida Department of Revenue Web site at
Florida homes have a market value (estimate of worth) and an assessed value (basis for property tax calculations). An owner’s assessed value, at first, should be market value minus $25,000, the homestead exemption and the local government applies its tax (millage) rate to that number. But Save Our Homes also impacts assessed value by capping it at a maximum 3 percent yearly increase. However, that cap is a yearly tool and applies anytime assessed value is below market value (minus $25,000). And for many of the state’s long-time homeowners, assessed value is significantly less than market value (minus $25,000). These owners will still see a tax increase this year, even if their market value of their home declines, as long as there is a gap between the just market value and assessed value of their home. In addition, SOH applies only to assessed values. If a local government opts to increase millage rates, property taxes for homesteaded homeowners would also go up. For more information, visit the Florida Department of Revenue Web site at
Naples Florida Real Estate
What's Happening In Real Estate In Naples, Florida!
DID THE BUBBLE BURST?
Over the past few weeks, many friends, neighbors and customers have asked for my opinion of the curent real estate market in Naples and surrounding areas. The following is my perspective , backed by my analysis of multiple listing data and public records. While my comments will be forthright, please remember the conclusions are my opinion.
Just about two years ago, in the late spring of 2004, Naples area became an investor's paradise. It was as if someone ran an ad that Naples was on sale! As investors flocked to the area, inventory tightened, which led prices to rise to historical levels. These investors found that as their properties were ready to close, new buyers were ready to buy them.
It was just alittle over one year ago, in early summer of 2005, that the tides began to turn. The Feds became concerned about new loans being written at higher and higher levels for the same property. Guidelines for appraisals were tighened and without substantial cash, many could not qualify for loans.
The hurricanes also played a major role in the real estate business, although not having an impact on our area. Many visitors stayed away believing there was extensive damage.
Then we saw interest rates begin to rise.
All these factors took the spectacular out of the market. Investors unable to find buyers quickly, began lowering thier prices. Now prices are sliding back to last years levels and some lower. Giving us a buyers market. If you are considering buying, this is a great time. There are bargains at virtually every price point and in most neighborhoods. For long term investments, appreciation rates remain outstanding.
Naples is "ON SALE" again!!!!
Dominic Pallini
DID THE BUBBLE BURST?
Over the past few weeks, many friends, neighbors and customers have asked for my opinion of the curent real estate market in Naples and surrounding areas. The following is my perspective , backed by my analysis of multiple listing data and public records. While my comments will be forthright, please remember the conclusions are my opinion.
Just about two years ago, in the late spring of 2004, Naples area became an investor's paradise. It was as if someone ran an ad that Naples was on sale! As investors flocked to the area, inventory tightened, which led prices to rise to historical levels. These investors found that as their properties were ready to close, new buyers were ready to buy them.
It was just alittle over one year ago, in early summer of 2005, that the tides began to turn. The Feds became concerned about new loans being written at higher and higher levels for the same property. Guidelines for appraisals were tighened and without substantial cash, many could not qualify for loans.
The hurricanes also played a major role in the real estate business, although not having an impact on our area. Many visitors stayed away believing there was extensive damage.
Then we saw interest rates begin to rise.
All these factors took the spectacular out of the market. Investors unable to find buyers quickly, began lowering thier prices. Now prices are sliding back to last years levels and some lower. Giving us a buyers market. If you are considering buying, this is a great time. There are bargains at virtually every price point and in most neighborhoods. For long term investments, appreciation rates remain outstanding.
Naples is "ON SALE" again!!!!
Dominic Pallini
Tuesday, August 14, 2007
Naples Real Estate
RETIRE LATER, BUY THE HOUSE NOWWith prices in many areas at a low ebb, baby boomers should consider buyingtheir retirement home now, even if they're still years away from actuallymoving, allowing renters to pay the bills for now. Here's some advice for peopleconsidering this strategy:- Shop carefully. Buy a home that can be rented for a rate that, after taxconsiderations, covers the mortgage, real estate taxes and insurance.- Study housing trends. Ask the local or state planning department fordemographic and economic data. The information can reveal facts that willinfluence whether or not to buy. For example, big companies going out ofbusiness or military base closings can be bad news.- Don't forget maintenance. Property managers usually charge a percentage of themonthly rent. Family members may do the job for free but could be ill equippedto make repairs.- Consider financing. Boomers with sufficient equity in their current home cantap it to either buy their retirement home outright or secure a much lowermortgage rate compared to the loan rate usually charged to buyers of investmentproperty www.palliniSELLS.com
Tuesday, August 7, 2007
Naples Florida Real Estate
Has The Bubble BURST ? Prices have fallen 20 % in the last 18 months on property away from the coast but stabilization in the market is near. Properties that are fairly priced are selling 93% to 98% of asking price.Naples is a very unique area with weather that is only found in a few places in the US.The time to buy is NOW , we may never see a buyers market like this again. Visit my web site at www.pallinisells.com For all Naples Properties. Contact me for the latest list of Bank Owned Property
Monday, July 23, 2007
Naples RE> Market Conditions
Naples Real Estate pricing has been reduced by 20- 35% depending on the area of the property.Waterfront properties have held strong but are slowly showing some reductions.This creates a tremendous opportunity for people to own in one of the most desirable areas in the U.S.A..Log on to my web site to locate your dream home in Sunny SW. Florida . www.pallinisells.com
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