South Florida Real Estate by Roman Pavlik

Real Estate Investments Drop as Result of Subprime Mess

Roman Pavlik — Sun, 07 Sep 2008 15:58:00 GMT

Real Estate Investments Drop as a Result of the Subprime Mess?

The National Association of Realtors released a report that showed fewer people bought homes as investment in ..(read more)

Green Homes Growing in Popularity Despite Overall Housing Market Decline

Roman Pavlik — Fri, 05 Sep 2008 09:01:00 GMT

A 2007 study shows, green homes are growing in popularity – and will likely continue to do so as the overall housing market continues to cool.

The McGraw-Hill Construction SmartMarket Report on Attitudes & Preferences for Remodeling and Buying Green Homes shows a growing market for green homebuilding and green renovation, even amid a downturn in the housing market at large – and maybe even largely because of that downturn.

“True” green homes – which the report defined as containing a specific green ..(read more)

Affected by Recent Hurricanes and Looking for Free Shelter?

Roman Pavlik — Wed, 03 Sep 2008 05:25:00 GMT

Residents whose homes were in the path of Hurricanes Gustav and Hanna can search for free shelter on (read more)

FHA Increases Fees for Government-backed Loans

Roman Pavlik — Sun, 31 Aug 2008 12:20:00 GMT

Borrowers who take out government-insured mortgages will have to pay higher fees under new FHA rules.

Effective Oct. 1, the Federal Housing Administration will raise its mortgage insurance fee from 1.5 to 1.75 percent for a new mortgages and many refinanced loans.

For a borrower with a $250,000 loan, that means a fee of $4,375, up from $3,750 in the past.

The government agency, which backs loans to borrowers with poor credit or low down payments, has seen its share of the mortgage market grow dramatically over the past year, after the collapse of subprime lending to borrowers with poor credit.

Loans backed by the agency are on track to make up 30 percent of all new loans this year, up from 3 percent last year, according to trade publication Inside Mortgage Finance.

The higher fees replace the ..(read more)

Inheriting a Property Doesn't Have to Be Confusing

Roman Pavlik — Fri, 29 Aug 2008 21:43:00 GMT

Inheriting property can be confusing for the heirs, particularly if they plan to sell the property. Seeking expert legal advice is the best approach for the person who has inherited property. However, here is some basic information that can help the heir better understand the situation.

Every state has a legal process that allows the person who are willed property to transfer ownership of it from the previous owner’s name to the new owner’s name. The attorney assisting with the probate of the will help fill out the forms. If a lawyer is not involved, the clerk of courts office can guide the person inheriting property through the transfer process.

Generally, there is little or no transfer tax or other cost involved because the ..(read more)

Five Mistakes to Avoid When Selling Your Home

Roman Pavlik — Tue, 26 Aug 2008 07:46:00 GMT

Selling a home in today’s depressed real estate market is a major challenge, but that doesn't mean it's impossible to sell. The key is for sellers to avoid the following five mistakes:

1. Asking Price too High

The single biggest mistake sellers make is setting their asking price too high. In todays down market homeowners need to price conservatively or they risk turning off potential buyers

Determining the price is can be tricky. Gone are the days when you can expect to sell your home for as much as your neighbor did just six months ago, according to the National Association of Realtors. So rather than looking at how much homes in your area sold for six to 12 ..(read more)

VA No-Downpayment Home Loan Cap Raised to $729,000

Roman Pavlik — Sun, 24 Aug 2008 11:49:00 GMT

The Department of Veterans Affairs (VA) is raising ceilings on its no-downpayment home loans from the current $417,000 to $729,000.

The increases are effective immediately under legislation recently enacted with President Bush signing the Housing and Economic Recovery Act of 2008.

That law also improved VA's Specially Adapted Housing Program. It raises primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet adaptive needs of veterans or active duty servicemembers with certain service-connected disabilities.

One new feature is a provision in the law that will assist burn victims. It will allow veterans with certain service-connected disabilities resulting from severe burns to receive the adaptive housing grants. The new law also makes future increases in ..(read more)

Are Appraisers Still Feeling the Pressure to Hit High Numbers?

Roman Pavlik — Fri, 22 Aug 2008 13:22:00 GMT

Appraisers are still feeling the pressure to hit high numbers. As mortgage loan officers, Realtors and some individual home owners continue to influence or interfere with appraisals despite new federal rules banning such behavior; attempts at encouraging inflated appraisals continue to be commonplace.

According to Bill Garber, Government Affairs Director for the Appraisal Institute, Appraisers continue to get pressured to hit the numbers needed to push transactions to closing. "That has not changed yet," added Garber, even though recently signed federal housing legislation toughened appraisal standards; and the Federal Reserve's new truth-in-lending rules ban ..(read more)

Homeowners Around the World Are Shifting Focus to Greener Homes

Roman Pavlik — Tue, 19 Aug 2008 08:26:00 GMT

With increasing worldwide attention on sustainability and green issues, the greening trend is also pervading the building and construction industry at a rapid pace. Building developers and owners around the world are shifting their focus to build greener homes and buildings with the growing demand.

The term ‘green home’ refers to a home that is built-in with technologies and sustainable practices that improve the energy efficiency, water efficiency and indoor environment quality. A green construction practice would consider resource management, durability, and general environmental appropriateness of a structure. Whereas a green home is designed with better ventilation systems, built with low-toxic materials & recycled components and designed to have a long and efficient life-cycle.

There has been greater consumer demand in green buildings due to increased awareness by the ..(read more)

Turnaround in North Florida Ailing Housing Market?

Roman Pavlik — Sun, 17 Aug 2008 10:40:00 GMT

A University of North Florida (UNF) economist said a 1 percent jump in local inflation last month could mean a turnaround is coming to the Jacksonville’s ailing housing market.

According to Pau Mason, Jacksonville’s local consumer price index rose, after seasonal adjustments, by 1.01 percent in July, from 107.97 to 108.98. This brings the local inflation rate for 2008 to an above-normal 2.95 percent The July jump follows a modest June increase of 0.1 percent and declines in April and May, LEIP data indicates. Jacksonville’s normal inflation rate is from 1.5 to 2 percent. A measure of how much a property owner’s primary residence would cost to rent primarily drove the CPI increase. It was led by increases in condominium prices.

“Normally, a jump of inflation in that high an amount would be very ..(read more)

Snowbirds: Thinking About Selling Your Vacation Home?

Roman Pavlik — Fri, 15 Aug 2008 07:35:00 GMT

It seemed like a great idea twenty years ago-you’d buy that condo in Florida, vacation there as often as possible, then someday sell your primary residence and spend your Golden Years basking in the sun. Now, “someday” is here and-lo and behold-you’ve changed your mind. You now have grandkids you don’t want to leave, all your friends are nearby, and frankly, the idea of nonstop sunshine with no autumn leaves or snowfalls has lost its luster. You’d hate to sell your vacation getaway, but keeping up two homes has gotten too pricey for comfort. The solution is to rent out your vacation home.

A growing number of second homeowners fall into the “retirement age” demographic, and quite a few of them have-at one time or ..(read more)

The Pros and Cons of Bubble Sitting

Roman Pavlik — Wed, 13 Aug 2008 17:58:00 GMT

Many prospective home buyers are convinced home prices will continue to fall. As a result this group known as bubble sitters, are cashing out by selling their homes and renting, figuring they’ll return to the market when home prices have bottomed out. The bubble sitters also include those people who have never owned a home and are waiting to take the plunge, along with people who are relocating and holding on to their cash until the market in their new hometown softens.

Bubble sitting has contributed to softening in housing markets, especially in new homes. Builders have reported slowing sales and they're offering numerous incentives, rebates and discounts in order to move inventory.

There ..(read more)

What to Do If You Are Put on Foreclosure Notice

Roman Pavlik — Mon, 11 Aug 2008 09:48:00 GMT

Homeowners have many options after a lender has filed a foreclosure notice.

Here are some options the homeowner should consider:

Don't ignore mail from your lender; stay in touch even after a foreclosure notice has been filed. Most lenders would rather work out options than add to the inventory of foreclosed homes.

Beware of foreclosure companies calling themselves "mortgage consultants" or "foreclosure services" promising to save your credit or pay the closing costs.

Be wary of deals that take over ownership of your home. If you turn to a foreclosure rescue firm, be aware such companies do not need a state license to operate in Florida unless the business is selling or buying properties.

Never transfer your ..(read more)

Proposed Coastal Homeowners Assistance Act Seeks Tax Credits for Coastal Residents

Roman Pavlik — Thu, 07 Aug 2008 07:32:00 GMT

Introduced by Sen. Roger Wicker, R-Miss, this bill will provide tax credits for high insurance premiums and storm mitigation improvements for coastal residents of states hard-hit by hurricanes including Florida, Mississippi, Texas, Louisiana and North Carolina.

The bill would give residents affected by hurricanes in 2004, 2005 or 2006, a one-time tax credit up to $5,000 if their insurance premium increased 50 percent over a three-year period. It would also create a permanent tax credit of up to $5,000 per year for residents who make hurricane mitigation improvements to their homes. The bill is being co-sponsored by Sens. Thad Cochran, R-Miss., Mel Martinez, R-Fla., and David Vitter, R-La.

Under the proposed plan, individuals would be eligible to receive a one-time tax credit up to $5,000 for an amount equal to 50 ..(read more)

Will Citizens Property Insurance Be Able to Pay Claims if a Hurricane Strikes South Florida?

Roman Pavlik — Tue, 05 Aug 2008 17:42:00 GMT

Citizens Property Insurance Corporation plans to redo windstorm policies statewide, in an effort to make sure customers pay premiums that cover the full replacement value of their homes. This process will start early next year when policies renew and policyholders will give six months notice starting this week.

Citizens will drop approximately 350,000 policyholders who have coverage only for windstorms and have them reapply for policies. Almost all will be approved for new policies but premiums will be adjusted to allow Citizens to ensure policies are covering the full replacement value of homes. These values may have increased in the past few years as construction costs have jumped and as homeowners made additions to their homes. The Legislature has frozen the state-backed insurer’s premiums until 2010.

About half of Citizens ..(read more)