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Issue # 97       
March 2016  
Dear (Contact First Name),  

We strive to keep you informed of the real estate market and trends that may affect your relocation, investment, or purchase decisions.  

You have expressed an interest in properties or rentals in either South Florida or Western North Carolina in the past and these periodic newsletters will help to keep you current of what is happening in the real estate industry nationwide and locally.   
 
The real estate market appearing to be return to a historically normal market with reasonable sales volumes and price increases.  Inventory still remains tight resulting in increased new home construction at more price points than in the past year.  The recent downturn in the stock market is driving more investors to look to real estate for investment options.  Mortgage rates continue to remain low and is allowing more homeowners to enter the market with lower unemployment and wage increases.

Please feel free to call me to discuss any and all matters relating to the real estate market in South Florida or Western North Carolina. 

Don't forget to Spring Forward on March 13th!


Contact Kim N. Bregman, Optima Properties


Lic. Real Estate Broker, FL & NC
REALTOR, MBA, ABR, NAEBA, FEBA 
 
In This Issue
Buyer's Guide  
 
Answers to common questions, resources, and tools.
 
 Finance Center

 

Articles, Calculators, Tools, and Advice  






 





Mortgage Rates:
As Of February 29, 2016
 
Average RateAverage Points
30 year FRM3.65
0.5

15 year FRM		2.95
0.5
5/1 ARM
2.85
0.4
1 year ARM2.490.3
   




Mortgage rates move lower for the eight consecutive week as the Fed held interest rates steady
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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2012 Head shot 
Kim N. Bregman    

Optima Properties 

 Lic. Real Estate Broker, FL & NC, REALTOR, MBA, ABR 

The greatest compliment that I can receive is a referral from clients, friends and co-workers.  Thank you for your trust.   

 Florida:
17914 Foxborough Lane
Boca Raton, FL 33496
561-251-7170 Cell
561-477-0676 Office
561-892-0937 Fax

North Carolina: 
581 Tsalagi Trail

Maggie Valley, NC 28751 
828-400-7953 Cell
828-400-7953 Office
561-892-0937 Fax

kim@optimaproperties.com
www.OptimaProperties.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
In The News!
 
 
Housing Prices Increase by 5.7% 


New York, February 23, 2016 - S&P Dow Jones

Indices today released the latest results for the S&P/Case-Shiller Home Price Indices, the leading measure of U.S. home prices. Data released today for December 2015 show that home prices continued their rise across the country over the last 12 months.

Year-over-Year
The S&P/Case-Shiller U.S. National Home Price Index, covering all nine U.S. census divisions, recorded a slightly higher year-over-year gain with a 5.4% annual increase in December 2015 versus a 5.2% increase in November 2015.The 20-City Composite's year-over-year gain was 5.7%, the same as November.

Portland, San Francisco and Denver continue to report the highest year over year gains among the 20 cities with another month of double digit annual price increases. Portland led the way with an 11.4% year-over-year price increase, followed by San Francisco with 10.3% and Denver with a 10.2% increase. Thirteen cities reported greater price increases in the year ending December 2015 versus the year ending November 2015. Phoenix had the longest streak of year-over-year increases, reporting a gain of 6.3% in December 2015, and the twelfth consecutive increase in annual price gains. Detroit posted a 7.1% year-over-year price, up from 6.3%, the largest annual increase this month.

 
"While home prices continue to rise, the pace is slowing a bit," says David M. Blitzer, Managing Director and Chairman of the Index Committee at S&P Dow Jones Indices. "Seasonally adjusted, Miami had lower prices this month than last and 10 other cities saw smaller increases than last month. Year-over-year, seven cities saw the rate of price increases wane. Even with some moderation, home prices in all but one city are rising faster than the 2.2% year-over-year increase in the CPI core rate of inflation.

"Sparked by the stock market's turmoil since the beginning of the year, some are concerned that the current economic expansion is aging quite rapidly. The recovery is six years old, but recoveries do not typically die of old age. Housing construction, like much of the economy, got off to a slow start in 2009-2010 and is only now beginning to show some serious strength. Continued increases in prices of existing homes, as shown in the S&P/Case-Shiiller Home Price Indices, should encourage further activity in new construction. Total housing starts have stayed above an annual rate of one million starts per year since last March and single family home have been. 

Housing investment continues its positive contribution to GDP growth." 
 
 
Realtor.com Cheif Economist Jonathan Smoke stated, " We have now seen 41 straight months of tight supply.  In conditions of tight supply, home values have strong support, but potential buyers will continue to face challenges finding a home for sale that meets their needs.  We're not seeing evidence of the stack market's declines in January and early February slowing down the pent-up demand primed to buy this spring.  In fact the weakness in the financial markets has given buyers another shot at lower mortgage rates, as the average 30-year fixed mortgage is down over 40 basis points from the end of 2015 and solidly back under 3.70 percent."  
 
 

Advice For Buyers!
Most Often Asked Homebuyer Questions - Answered!  
 
 
 
Buying a home is a major lifestyle and investment decision. Homebuyers have a lot of questions throughout every step of the process and I have found that many of the questions are common to many. Here are some answers to the most common questions I get asked.
 
Q: What home can I afford?
That depends, of course-on your income and other financial obligations. There are many Home Affordability Calculators for a ballpark figure. A visit to the Optima Properties website will offer you many tools under the  Finance Center! 
 
Before you start to shop, make sure that you know exactly what you can afford by getting pre-qualified by your financial institution of mortgage broker.
 
Q: Can I buy a home and sell my current one at the same time?
Yes, you can-but it's the real estate equivalent of walking a tightrope. This is one of the trickiest questions to answer, on the one hand, if you buy a home before you sell the one you're in, you're overextended financially; if you sell before you buy, you might need to rent a while before finding a new place. There are ways to do both at once, and one option is to request a "sale contingency" in your contract. This means you only agree to buy a home if you can sell the one you're in. The only downside is if your seller doesn't agree and will not agree to this condition....it never hurts to ask!  
 
Q: How many homes should I see before making an offer?
As many as you need to!  While home shoppers these days can look at hundreds of homes online, most need to physically visit the area and stand in the properties before they put in an offer. Keep in mind, this varies tremendously for each person. Some people find their home within hours of looking or make an offer sight unseen because they have definitively defined their criteria. For others, it takes months and sometimes over a year if they are trying to determine the area, lifestyle, and type of home that meets their requirements.  
 
Q: What do you think the seller will accept as a fair price?
As a rule of thumb, knocking 5-10% off the list price
won't ruffle any feathers for an initial offer. If the property has been sitting on the market for months, you can venture below that, but the bottom line is, you never know how low a seller will go, as they have different motivations for selling.  Your Exclusive Buyer Agent should develop a Comprehensive Market Analysis to determine the market value of the property. This should be your guideline as to how much to offer and how high to go. 
 
Q: How do I know if the property is a good deal?
While there's no crystal ball on whether a certain home is a bargain and will appreciate, rest assured that with research, you can keep surprises to a minimum. The best way is to check out comps-what similar properties are selling for in the area.
 
Q: How quickly can I close?
If you are paying cash you can typically close in the time it takes to get the home inspected and have a lien, permit, and title search conducted. The new TRID requirements for home loans have extended the time required to get a mortgage.  I advise all my buyers to not commit to a closing for less than 60 days from the effective date of the contract. 
 
Q: Should I get a home inspection?
My only answer to this question is YES, YES, YES! A certified and licensed home inspector ( not your father in law) will look into the condition of the roof, electricity, heating and air, plumbing, among other functions and conditions of the property.  Even if you are just purchasing land you should check for soil contamination, septic perkability, etc.
 
Q: Can I back out if I change my mind?
While buyers can always back out of a deal, doing so without good reason may forfeit their earnest money and full deposit.  The form of contract you choose to use may provide you with different outs. Contingencies are great "escape clauses. For example, if you enter into an AS IS contract upon an unsatisfactory home inspection, the buyer can ask for their deposit back. Another contingency is "subject to appraisal.'" That means you can back out if the appraisal either ordered by your closing agent or your lender results in a valuation that is less than the agreed to purchase price. 

Bear in mind that the more contingencies you include in your offer the less room you have to negotiate other terms and conditions of the contract with the Seller.

There is not question to small or unimportant when purchasing a home.  There is a wealth of information available and your agent should assist you in getting your questions answered in a timely manner. 
 

Vacation Rental
snowboard-jump-man.jpg
Looking for a Luxury Home Vacation Rental in the Western North Carolina Mountains?

Winter in NC
Come to the Mountains this winter and enjoy all the mountains have to offer!  

Couple Skiing
Skiing and snowboarding at Cataloochee Ranch & Ski Resort, visit eclectic Asheville,  visit Tube World in Maggie Valley, hike in Smoky Mountain National Park and Pisgah Forest, see the Cataloochee Elk, gamble at Harrah's Casino, drive on the Blue Ridge Parkway and visit Cherokee.
 
Soaring Eagle Retreat, Luxury Log Home in
winter waynesville
Waynesville/Maggie Valley available for rental. Just 15 minutes from the Cataloochee Ski Resort and Ranch 30 minutes from the National Parks and 30 minutes from Asheville and Cherokee.
 
 
Kim's Blog
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Optima Properties has beeen working as Exclusive Buyer Agents for 25 years. 

We service customers specifically looking for properties in South Florida and Western North Carolina. 

We act as consultants, advisors, advocates and negotiators for our clients rather than as a salesperson.

I look forward to speaking with you and representing YOUR INTERESTS in future real estate transactions.

Sincerely,
Kim N. Bregman Lic. Real Estate Broker
FL & NC, REALTOR, MBA, ABR, NAEBA  

 

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