Home Buyer Resources | Southwest Florida Real Estate from Sandra Rubinstein

Five Reasons Summertime is a Great Time to Buy Real Estate in Southwest Florida

Published on May 26, 2018 by Sandra Rubinstein

Just another beautiful sunset in paradise.

It’s no secret that “season” in southwest Florida refers to the cooler months of the year — from around November through about Easter. That’s when the snowbirds are here. It’s when we have our lovely, sunny but not-too-hot weather that south Florida is famous for. It’s when we have so many art shows, craft fairs, community events, golf tournaments, and other activities that we couldn’t participate in all of them if we tried. It’s when the seasonal businesses get enough business to sustain them through the slower summer months. It’s when folks up north who are approaching retirement start thinking about how nice it would be to go golfing in January instead of shoveling snow.

But if you’re contemplating a move to Florida, summertime offers some major benefits during your house-hunting process.

There are fewer buyers during “season,” so the competition for properties you’re interested in is likely to be less intense. During season, properties sometimes go under contract within a few days of listing. Because sellers know that buyers are more plentiful, they’re more likely to hold out for a better offer. But in the summer months, during our off season, sellers who want to get their property sold soon might be more inclined to accept the first reasonable offer that comes in. No one wants to have their house sit on the market all summer.
Sellers may start thinking about reducing their asking price. Since their property didn’t sell during season, they start to think that if they don’t want to wait until next winter, the only way to get it sold might be to lower the price. Summertime can be a great time to get a good deal on your new home.
When the snowbirds and halfbacks are gone during the summer, it’s a good time to evaluate the neighborhood as a whole. Does it become like a ghost town? Are there enough year-round residents that it still feels like a normal neighborhood?
Our summer-long rainy season can reveal a lot about areas and properties that you might be interested in buying. As a buyer, you can can go take a drive around the neighborhoods you’re interested in during or immediately after a heavy rain. Look to see if there are any flooded streets or intersections. It’s also a good time to look at the specific properties you’re interested in to check for flooded spots in the yard or leaks in the roof or around the windows.
Our summer-long hot season can also reveal valuable information about the properties you’re interested in. Does the air conditioning cool the home sufficiently? Can you feel hot air coming in around doors or windows? How hot does the garage get? During the heat of the afternoon, where exactly does the shade from that beautiful oak fall? If you value outdoor living spaces, summertime is a good time to see how livable they are when it’s hot, humid and rainy every day.

Call me at 941-268-8918 or email me at Sandra@SandraSellsRealEstate.com to help you find the home of your dreams this summer, or to schedule a showing of any properties you’re interested in.

Don’t Lose Your Homeowners Tax Deduction!

Published on November 9, 2017 by Sandra Rubinstein

The National Association of Realtors (NAR) is opposed to the current 2017 Tax Reform Bill that is currently on the table in Congress. The bill, as per NAR, is a direct threat to the public that own property. Not only will millions of homeowners not benefit from the current proposal, many of the homeowners will actually get a tax increase. In addition, if the housing market should lose more than a 10% drop in home values due to the passage of the Tax Reform Act homeowners would stand to lose substantial equity likely a secondary result if the bill should be enacted. It is projected that millions of Middle Class homeowners would actually see a tax hike under this plan, while Corporations would benefit greatly from the huge tax cuts.

The Bill in its present form would:

Cap The Mortgage Interest Deduction At $500,000.0k For New Mortgages

The Cap applies to new mortgage debt (refinancing is exempt) incurred after November 2, 2017. The “limit” is not indexed to inflation causing the deduction value to further diminish over time.

Increases The Standard Deduction

Puts Homeownership Tax Incentives outside the reach of more than 90% of American families

Limits The Exemption On Capital Gains Tax From The Sale Of The Primary Residence

-The new rules would require the homeowner to live in the primary residence for 5 of the 8 years before a sale could qualify for the exemption/versus the current exemption requirement of living in the home for 2 of the previous 5 years.

-The new rule phases out the exemption for single filers with incomes over $250,000.0k and for married/joint filers with incomes over $500,000.0k.

Eliminates The Deduction For State And Local Income And Sales Tax

Home-Owners in all 50 States would be double taxed on the money they pay for State and Local Taxes.

Eliminates The Mortgage Interest Deduction For Second/Vacation Homes

Eliminates The “Moving Expense” Deduction

Eliminates The Deduction For Interest Paid On Student Loans

Eliminates The Medical Expenses Deduction-Even For The Elderly

Eliminates Personal Casualty Deductions-Such As From Hurricanes Or Wildfires

In addition to the economic impact of all the above this bill will conservatively add $1.5 trillion dollars to the Federal deficit which will certainly impact our Children and Grandchildren.

***If you would like to share your opinion please follow the link below which will automatically post your opposition directly to your Congressman by simply posting your address and phone number. https://tinyurl.com/ybzsn2ot

Article Summarized From National Association Of Realtors (11/6/2017)

How To Eliminate Your PMI?

Published on April 2, 2017 by Sandra Rubinstein

PMI, Private Mortgage Insurance, is usually a financial obligation that your financial institution with whom you funded your Mortgage with will tack onto your mortgage if your down payment is less than 20% of the price of the home you purchased.

The PMI % will depend on the amount of the loan down payment and your credit history. It may run from 0.3% – 1.5 %+ of the original loan amount per year. But, the good news is, there are ways of eliminating this addition monthly premium-BUT you will need to meet the cancellation rules.

The most common pre-requisites are (1) that you can not have taken out a second mortgage on the property or (2) have not had an excessive amount of late payment delinquencies in the previous 2 years (3) the property has not declined in value.

Cancellation will automatically occur when the loan balance amortizes to 78% of the property’s value at the time the loan was secured. You cannot accelerate this process with extra payments.

Lenders are required to terminate your cancellation of PMI request if your loan balance reaches below 80% of the original value. It this case, you can accelerate the process with additional payments on the principal.

If Fannie Mae or Freddie Mac owns your mortgage the current rules apply to the current appraised value not the value at the time the loan was secured. Here you can apply for PMI cancellation after two years if the loan balance is no more than 75% of current appraised value. If after five years, you can choose to apply for PMI cancellation if no more than 80% of current appraised value. Your ratios will be lower if there is a second mortgage, if the property is an investment (non-owner occupied), if the property is not a single family or if you have had recent delinquencies. (Remember, this applies to Fannie Mae or Freddie Mac owned mortgages)

It is a certainly a good investment strategy to plan on trying to pay off the PMI on your mortgage loan as it may yield a considerable amount of cash flow back to you.

For Example: Lets say you are thinking of purchasing your SW Florida Home (I certainly would be happy to help you with that!)

Purchase Price: $275,000.00

Down Payment (15%) $41,250.00

Loan Amount: $233,750.00

Interest Rate: 4.0%:

Monthly Principal & Interest Payment: $ 1115.96

PMI (Private Mortgage Insurance): 66.18

Total Monthly Payment: $1182.14

A great Mortgage & PMI calculator may be found at:

www.GoodMortgage.com/Calculators/PMI.html

As always, it is best to speak with your financial advisor or tax expert to help guide you in selecting the best financial direction that will meet your needs.

Article sourced from “The Mortgage Professor” Jack Guttentag, PHD.

What Is Builderfest

Published on February 11, 2017 by Sandra Rubinstein

Sarasota: BuilderFest

BuilderFest is being held to day from 10:00 AM to 3:00 PM on Feb. 11, 2017 at the Herald-Tribune Building (covered plaza)

1741 Main St. Sarasota. The event is open to the public and is Free.

If you are thinking of building or in search of remodeling advice, or just interested in increasing your knowledge base of the housing market please consider attending this invaluable event today. Some of our regions most reputable Builders and Experts will be on hand to share their knowledge of the building process and the housing market as a whole.

10:00 AM: Welcome

10:05-10:40 AM: “Deciding to Build”: Choosing a builder. Financing.

10:45-11:20 AM: “Deciding to Remodel”:

11:30-12:05 PM: “The Town Makers”: How Master Communities are created-from the “dirt” up.

Lunch

12:45-1:20 PM: “Economic Outlook”: Housing interest rates projections and the future health of the market.

1:30-2:05 PM: “Beyond Model Merchandising”: How to make your budget go the furthest for your selection of décor and furnishings.

2:15-2:50 PM: “Green Building”: Sustainable and affordable “green” construction and its place in the market, now and in the future.

A wonderful fact filled event where you are sure to pick up a few helpful pointers or a wealth of information.

Should I Go To The Internet To Finance My Home Purchase?

Published on July 11, 2015 by Sandra Rubinstein

There is so much energy expended to find your “Dream Home”, right? So when your Realtor hands you a list of Mortgage Brokers and/ or Institutions you are relieved that this decision can be directed by your Agent. Not so Fast!

There ARE many benefits to “shopping around” & to include the On-Line Financing Companies in your evaluation process. This simple act may save you $$$ on fees and possibly even the interest rate. (By the way, your Credit Score is not negatively affected if you are shopping for a Mortgage; unlike a general Credit Inquiry)

Here are a few things to look for and tips on an internet Lender site.

1. Shop anonymously until the time you make your decision.

2. Deal only with sites that the lender will commit to or “lock in” legally on that particular day & not only the day you are contacted by the Loan Officer. (Lenders “set” their interest rates on a daily basis & some may adjust multiple times during the day) Look for sites that include wording such as- “as of” with a date and time stamp.

3. Deal only with sites that disclose not only the interest rate but the Lender’s fees referred to as “Points”. They appear as a percentage that translated to a $$$ amount. ARMS (Adjustable Rate Mortgage) should also disclose the loan’s Margin, Index & Rate Caps.

4.The price of your loan package will be determined by the Property’s Zip Code, Occupancy (Primary, 2nd Home or Investment), Loan Type, Down Payment, your Credit Score & whether you choose to waive Escrow. If the numbers you are given do not include the adjustments for the above factors-just move on.

This article was summarized from an article by Jack Guttentag, PH.D. Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania.

Additional Information may be found online @ www.mtgprofessor.com
“How effectively can you shop at Multi-Lender Web Sites”

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