May-June Statistics
Punta Gorda-Pt. Charlotte
Below are numbers of homes/condos sold each month for the Punta Gorda and Port Charlotte area-prices are average. Total Units Homes Home Avg $ Condos Condo Avg $
May 318 256 $160,865 62 $97,250
June 331 279 $145,865 52 $134,440
The number of homes and condos rose in June . Average homes prices fell slightly while average condo prices increased quite a bit in June.There were 5 homes sold over the $500,000 price point. There were 3 times as many cash sales as conventional loans.
Below is a chart showing the number of listings vs. the sales prices updated through May 2012. This chart will be specific for Punta Gorda- zip code 33950.
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More Scams-
* Home Warranties
If you are buying a home warranty, make sure you read the fine print about what exactly is covered. The Florida Insurance Commissioner has a website
where you can find out if the company you are thinking of going with is licensed or not. The state just closed down American Fidelity Services (AFS)
for doing business without a license.
*Short Sale Fraud
Bank of America recently sent out a warning about fraudulant short sale practices involving their bank. Forged short sale approval letters on high priced homes, selling for ridiculous amounts have been discovered. If it sounds too good to be true, it probably is-so do your homework. Even short sale homes are appraised by the banks. |
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Insurance Tips for First-Time Buyers
When looking for an insurance policy the first thing to check is the rating of the company. A.M. Best rates the financial stability for insurance companies.
Here are some more points to consider:
1-Determine the difference between market value and rebuilding value. Insurance companies will give you an idea of what the house should be insured for.
2-Make sure you have the right amount of personal property insurance. Policies usually cover 50%-75% of replacement value-however jewelry,art, and collections aren't usually covered.
3-Liability protection- make sure you have enough in case you are sued for an accident on your property. If you need more than is offered by the company, then purchase an umbrella policy.
4- Ask about what is not covered. Check out the exclusions in the policy.
Items such as pool cages may be exempt- things that you may not be expecting so be sure to ask your agent this question. |
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Interest Rates
With interest rates dropping to new lows, it may be time to take a look at financing. Freddie Mac surveys lenders across the country on Monday and Wednesday of each week. Keep in mind that when you see the "lowest" rate, it usually does not include extra fees, called "points ".
To get the lowest rates, banks usually require a credit score of 740 or more, a downpayment of 25 % and the property needs to be a single family home.
Shop around for rates as different banks have different programs.
If your credit score is less than 740, you may qualify for that lower rate by putting down a higher down payment. Banks are still very careful about lending money, and they are always trying to find ways to determine whether a person will repay their loan or not. There is now another indicator banks are using called the FICO Mortgage Score- where all sorts of data is analyzed in an attempt to predict a person's credit-worthiness.
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