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Market update Category

Why 2016 Is A Good time To Buy

December 10th, 2015 Written By Carol Pawley

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If you are undecided about buying a home, 2016 may be the year to take action.

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All-Cash Sales Reach a New High

May 7th, 2014 Written By Carol Pawley

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RealtyTrac reports that 42.7 percent of all U.S. residential property sales in the first quarter were all-cash purchases. The highest level since it began tracking all-cash purchases in the first quarter of 2011.

Cash sales made up more than half of all sales in Miami, New York, Detroit, Atlanta, and Las Vegas. Among metropolitan statistical areas with a population of at least 500,000, those with the top five highest percentages of cash sales were all in Florida: Cape Coral-Fort Myers, (73.6 percent), Miami (67.1 percent), Sarasota, (65.1 percent), Palm Bay, (64.1 percent), and Lakeland, (61.8 percent).

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Lender lowers FICO score to 550

March 26th, 2014 Written By Carol Pawley

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Carrington Mortgage announced plans to further sharpen its focus on reaching and serving “underserved” borrowers (typically those in the sub-640 FICO score range) – a sizable market that has been mostly ignored by lenders.  The California firm has lowered its minimum credit requirement to a  FICO score of 550, and expanded its guidelines on a number of FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.

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Florida Outshines the Nation

March 19th, 2014 Written By Carol Pawley

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New construction continues to create job growth in South Florida, helping lead the state’s economic recovery as it continues to outshine the nation.

Hiring data released Monday showed Miami-Dade County added 2,400 new construction jobs in January, up 7.6 percent over the same month in 2013. Broward County added 4,400 building-related jobs in January, up 14.1 percent year-over-year.  As the tourism-oriented sunshine economy amps up, joblessness in Florida was below that of the nation for the sixth consecutive month.

 

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BUILDERS CONTINUE TO BUILD BIGGER HOMES

March 5th, 2014 Written By Carol Pawley

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SUPER SIZE IT! According to data from the US Census, homebuilders continue to build bigger new homes. The average size of a new home has risen more than 11 percent from 2,362 square feet in 2009 to 2,679 square feet last year.

About 48 percent of new homes in 2013 had at least four bedrooms, and the share of new homes with at least three full bathrooms rose to 35 percent from 23 percent in 2010.

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Price increases improve home equity

February 21st, 2014 Written By Carol Pawley

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Florida’s housing market reported more closed sales, higher median prices, more new listings, fewer days on the market and the continued stabilization of inventory in January, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 15,000 last month, up 10.2 percent over the January 2013 figure.

“Price increases are continuing to improve home equity in areas across the state, and combined with still-low interest rates, it’s creating a great opportunity for sellers,” says 2014 Florida Realtors President Sherri Meadows.

 

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New Construction is off to a great start in Miami

January 29th, 2014 Written By Carol Pawley

The Bond, at 1080 Brickell Avenue, is set to stand 44 floors at its completion in early 2016. The condo will span some 650,000 square feet, include 595 covered parking-spaces and 5,000 square feet of retail space. It will feature 323 large units of various interior layouts including studios, 1-, 2 and 3-bedroom condos, as well as spacious lofts and penthouses.

The Bond, at 1080 Brickell Avenue, is set to stand 44 floors at its completion in early 2016. The condo will span some 650,000 square feet, include 595 covered parking-spaces and 5,000 square feet of retail space. It will feature 323 large units of various interior layouts including studios, 1-, 2 and 3-bedroom condos, as well as spacious lofts and penthouses.

In 2013 U.S. sales of new homes climbed to the highest level in five years and analysts expect further gains in 2014. Developers are banking on those projections; last week-in one single day-three new projects broke ground in Miami. One thing is for sure, in 2014 our spectacular skyline will continue to be reshaped by growth, and our city’s international appeal will continue to be magnified.

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