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From the desk of Michael and Eric...
It's hard to believe but November is already upon us! The temperature in Florida is beginning to moderate. We are actually able to keep the windows open both day and night. I know that everyone has a busy schedule but we encourage each of you to plan your Florida vacation now. Eric and I would enjoy the opportunity to see you again. If you plan to visit this season, please let us know!
As we work hard to refine our business model, we'd like to hear from you. Please take a moment to share with us what your definition of a good Realtor might be. What have you experienced in the past that has made a lasting impression? This could be either a positive or negative one.
Our entire approach is focused on providing exceptional customer service that surpasses everyone else. We'd like to hear from you! Please feel free to send us an email at mjrenick@verizon.net to share your thoughts.
Have a great November!
Team Renick
Michael & Eric
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| Current Market Statistics
September 2011 property sales in the Sarasota real estate market were ahead of last September, with 570 this year compared to only 547 at the same time last year. This represents a small drop in transactions compared to August 2011, when 601 sales were recorded.
A recent article in RealtorŪ Magazine Daily News noted that of the top 15 U.S. cities showing signs of year-over-year increases in list prices, ten are in Florida, and the Sarasota-Bradenton area came in 6th, with list prices up 15.9 percent. Listing price increases generally reflect optimism among sellers that a market is ready to head upwards.
The inventory of available properties for sale in Sarasota has been dropping for the past nine months, and was up only slightly in September to 4,430 after hitting a 10-year low of 4,408 the previous month. The months of inventory rose slightly to 6.7 months for single family homes, from last month's figure of 6.3 months. For condos, the months of inventory also rose to 11.1 months from 10.2 months in August. In September 2010, the figures were 9.9 months and 15.1 months, respectively. Both figures again remained far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008).
We are expecting a good season surge as we welcome back our winter residents and visitors. When it cools off up north, the market usually heats up in Sarasota! Source: Sarasota Board of Realtors (Oct. 2011)
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Florida economy to outperform nat'l average
Wells Fargo released its Economic Outlook for Florida and the news was positive. The company says the state is recovering more quickly than the nation in general, but part of the reason is that the state fell so hard during the crash. They predict a 2 percent growth to the economy in 2011 and 2.2 percent in 2012. Wells Fargo economist Mark Vitner says Florida's recovery seems to have some legs as it expands beyond the tourism and health areas. The report points to an upswing in jobs in retail and trade, as well as professional and business jobs. The company also predicts that home construction, while improving, won't hit its full stride again - 1.2 million new homes - until 2015. Source: "Well Fargo: Fla. Economy," Florida Realtors.com (Oct. 11, 2011) |
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Five credit myths - busted!
When it's time to buy, refinance or even rent a home, relatively small credit score differences can stop you from getting your dream home and can cost (or save) you thousands of dollars in interest over the life of the loan.
Myth #1: Having lots of cash, a great income, or tons of equity, makes your FICO score less relevant.
Fact: No matter how much cash you have, if you want a mortgage you must meet the lender's FICO score guideline. Most lenders want nothing more than to avoid having to foreclose on a home, even if the homeowner has other assets.
Myth #2: Having no debt or no late payments means you have great credit.
Fact: Having no credit accounts does not give you good credit - it gives you no credit. On the other hand, being maxed out on credit can actually depress your score. Best practice is to have several credit accounts that you actively and responsibly use on a monthly basis.
Myth #3: Checking your own FICO score prevents surprises when you apply for a mortgage.
Fact: Your mortgage originator must pull their own version of your report from their own provider and it might have a very different score. This is why it's imperative to start working with a mortgage professional as early as possible.
Myth #4: If you've had a foreclosure or short sale, your credit report will be damaged for 7 years.
Fact: It may appear on your credit report for 7 years but your score can be rehabilitated enough to buy a home in less time, depending on your circumstances. And, interestingly, the length of time it takes to get your FICO score back up depends on how high it was before your "incident". Earlier this year, the New York Times reported it would take a consumer with a 680 FICO score 3 years after a foreclosure to bring their score back to that level, while it might take someone with a 780 FICO score (near perfect) 7 years for full score recovery.
Myth #5: Short sales have much less impact on your score than foreclosures.
Fact: Short sales and foreclosures have the very same impact on your credit score according to the FICO folks themselves. However, the number of missed payments you had before the foreclosure or short sale might weigh on how gravely injured your FICO score is in the process.
Source: "Real Estate Reality Check" Trulia (Oct. 5, 2011) |
Luxury home sales up 42%
The Sarasota Herald Tribune reports sales in the $1 million-plus market showed a 42.1 percent increase in September 2011 from August 2011, and were up 170 percent from a year ago in manatee, Sarasota and Charlotte counties.
Not surprisingly, with its large stable of high-end properties, Sarasota County saw the biggest spike in $1 million-plus sales at 26.7 percent from August and 280 percent from a year ago. The median price for all luxury homes as $1.28 million last month, up 20% from one year ago.
Source: "Luxury home sales up 42%" Sarasota Herald Tribune (Oct. 20, 2011) |
Personalized, Effective Real Estate Services Focused on YOUR needs. We are different...let us know how we can help! www.TeamRenick.com Serving Longboat Key · Anna Maria Island · Holmes Beach Bradenton · Bradenton Beach · Sarasota · Lido Key · Bird Key St Armands · Siesta Key
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We are currently offering a $500 Closing Gift to you! We deeply appreciate your confidence in us!
Click here for details.
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Let's Hear from You?
Submit your question!
Do you have a question or an idea of what you would like included in our next e-Newsletter? Just let us know. Contact us at:
Michael Renick
mjrenick@verizon.net
T: 941.400.8735
Eric Teoh
elteoh@verizon.net
T. 941.735.2199
We'll take it from there!
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Featured Property!
Click Photo for More Info!
Sorrento, Nokomis
Updated 3BR/2BA + den with private boat dock and no fixed bridges to Bay or Gulf!
Offered at $297,900
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Sarasota coming events are not to be missed!
Here are just a few things not to be missed in the coming month!
Sarasota Chalk Festival draws artists from around the world to transform Burns Square into a walking performance art museum of art history.
Nov. 1-7th, learn more at www.chalkfestival.com
For the Fishing Adventure of your Life! Learn all aspects of inshore fishing right off the beach, NO boat needed! Full instruction in successful techniques, learning how to catch your bait, where to fish, bait presentation and your catch will be filleted for you. All bait, rods, reels, and tackle provided. Just come and create your fishing memory of a lifetime!
Call Steven Herich at (941) 379-4422 for booking and rates or visit website.
Sarasota Blues Fest joins thousands at Ed Smith Stadium for "the largest music event in Sarasota history". This year, music legends, such as Los Lobos, Ryan Shaw, and Shaun Murphy will perform throughout the day. Nov. 5th, 11:00 a.m.
Tickets available here.
Check out the new Penguin Island exhibit at Mote Aquarium, opening Nov. 1, through Feb. 29, 2012. A group of black-footed penguins will call Mote home during a special, limited time exhibit. Click here for all Mote events!
Madama Butterfly, Puccini's tender love story will be performed at the Sarasota Opera House Nov. 2, 2011 at 8 p.m. or 1L30 p.m. Call (941) 366-8450 for ticket information.
Capitol Steps are the only people in Washington funnier than the politicians! This troupe will perform at the Van Wezel Performing Arts Hall, Nov. 3, at 8 p.m. and 10 p.m. Call for ticket info. (941) 953-3368.
Fisk & Friends Celebrity Classic at the Founders Club. Hall of Famer Carlton Fisk hosts this celebrity golf tournament Nov. 7. Pre-tournament reception and auction to take place at the Hilton Longboat Key Beachfront Resort on Sunday Nov. 6. For more information call Erin at (617) 951-3799 x336 or visit fiskandfriends.org.
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Current Longboat Key Weather Conditions
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