Friday, September 21, 2012

Realtor Advice on What to Look for Before Buying

This will be my first guest real estate blog and it comes from Fred Sed and Associates in Orange County California.  It is always my pleasure to help my  fellow realtors in any way I can.  If you need help in South Florida contact me at 954-214-6014 or visit my website at http://www.westonwonderwall.com/site/index.php, and as always, thanks for reading.





What To Look For In An Area Before Moving

 

In today’s real estate market one thing hasn’t changed when buying a home is the research involved. Although research has become easier now with the internet, you still have to thoroughly research the area where the home is first before you decide to buy there. It doesn’t matter how affordable the home is, if the area is unsafe or outdated, you will not be happy living there and will only want to move sooner or rent out the home instead of living there.

Shopping

One of the first things to look for in an area during the home buying process is shopping. Is the home close to all of your favorite stores that you know and use regularly right now, or will you have to drive out of your way to get to those stores?

Lifestyle & Exercise

Does the area that you plan on buying a home in have sidewalks, bike paths and plenty of trails for hiking and exercise? Many modern master planned communities across the United States have parks and plenty of trails or paths nearby while some older communities may not, so if you love exercising outdoors it’s important to verify this first before you move to a new community.

Commute

When searching it’s important to choose a home that’s conveniently located next to a major freeway or thoroughfare because you’re going to be commuting daily to work and you’ll want a route that will make your life as easy as possible during that period every day. There’s nothing worse to your quality of life than having to sit in traffic for hours every week instead of spending that valuable time doing something enjoyable with your family or friends. In the event you are among a number of the growing population that works from home, research the local internet provider in the area to make sure the bandwidth offered is sufficient for your working needs.

Infrastructure

Last of all, but most Important, before buying a home make sure that you verify that the area has plenty of transportation options nearby like a trolley, train station, bus access or an airport nearby because easy access to transportation resources will only make your life a lot easier.

 

Fred Sed is a premier real estate agent in the Orange County Real Estate Market. Fred is an Orange County CA Short Sale Specialist who also specializes in selling Irvine CA homes for sale.

Tuesday, September 4, 2012

Shadow Inventory Gives Floridians False Hope

The debate as to whether or not South Florida's struggling housing market is back on track or not is still up in the air as far as I am concerned. If you asked one hundred agents here you would get a different answer from them all, but most would hinge on either a big time yes or a slowly but surely approach. If you asked the media every answer would be coming up smelling like potpourri, with charts, graphs, and all kinds of ridiculous statistics to back it up. But an economist, now there is a realist if ever there was one. They know the deal and are not afraid to lay it out there. So, can all of them be right? Of course not. I try to take a little from all of them and then add to my local market research.
The problem with getting an accurate account of the recovery is simply tied into the shadow inventories, or the foreclosed homes that the banks are holding back on so as to not flood the market. By doing so, the real estate market is left with a smaller inventory of homes, which generates multiple offers and higher demand. Personally, as more of a listing agent than a buyer's agent, I like the idea. However, I do not like the false hope that it provides my customers, who then become lulled into the false pretense that their home is worth more than the market value I advise them of. Let's face it, getting a loan today is like pulling teeth, so continuing to lower interest rates can only go so far. So that pretty much leaves sellers with a whole lot of investment buyers, most of whom are foreigners. On the other hand, if the market were to be saturated with thousands of foreclosed homes that would be a disaster as well. Buyers would indeed come out of the woodwork like roaches, but their offers would be lower than usual, thus leaving the traditional sellers on the outside looking in because they are not the better deal. This would probably also kill short sales since they close so much faster.
I remember in 2006 and prior to when all the media could talk about was when the bubble was going to burst on the housing market. Nobody paid attention to the warnings. It was as if they wanted it to happen so that they would have something to talk about. But now all they can talk about is the so called recovery. What will the media talk about when that happens? Make no bones about it - this is indeed an investor driven real estate market and without investors as buyers the South Florida market would look like Detroit. It will lead to another bubble, however, that of the rental market because the area is being flooded with rentals now and landlords are gouging like tomorrow will be the end of the world. It is sad at how people take advantage of others in their most time of need. John Steinbeck's, "The Grapes of Wrath" is a classic example of how the market collapsed during the depression and how those with took advantage of those without.
So, as far as I am concerned the real estate recovery has to be divided into different parts of the country. Some are better off than others, including those states in tornado alley like the Dakotas, Oklahoma, etc. But, like Nevada, Florida has a long way to go because it was probably the most greedy during the heyday. The deeper you go into a real estate tragedy in terms of pricing and inventory, the longer you have to climb out. Only time will tell how Floridians will bounce back from the deepest depths of the real estate abyss. No media giant can ascertain that. I think the state overall is still on the mend, but starting to stablize. Once the banks start relaxing some of their lending restrictions and do away with some of the shadow inventory then we can probably get a better gauge on where we are as a state.