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Issue # 99        
May 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 has entered the spring buying season and sales have kicked off early with home sales off to a robust start.  Inventory still remains tight with no change in the near future.  Mortgage rates continue to remain low and is allowing more homeowners to enter the market with lower unemployment and wage increases.

Many buyers are focusing on lower interest rates to find distressed properties suitable for investment.  I have provided you with some guidelines to ensure that you leave yourself enough margin to resell and realize a reasonable gain on your investment.

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. 

Happy Memorial Day!


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  






 

MORTAGE RATES AS OF 5/2/16
30 YR FIXED
3.63
15 YEAR FIXED
2.77
1 YR FIXED
2.79
JUMBO 30 YR
FIXED
4.07
5/1 ARM
2.97



 

Mortgage rates continue to hold steady at historic lows.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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!
 
 
Existing Home Sales Rebound in April!  

Existing home sales rebounded, while new housing construction retreated, and layoffs continued to fall to historic lows.
 
Existing Home Sales
 
Existing home sales bounced back in April with transactions of single-family homes, townhomes, condominiums, and co-ops growing 5.1 percent to an annual rate of 5.33 million in March, the National Association of Realtors reported last week.
 
"Closings came back in force last month as a greater number of buyers - mostly in the Northeast and Midwest - overcame depressed inventory levels and steady price growth to close on a home," NAR Chief Economist Lawrence Yun said. "Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well. However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."
 
The median price for existing homes of all types in March grew to $222,700, which marked a 5.7 percent increase over March 2015's $210,700. Looking at inventory, March's supply of existing homes increased 5.9 percent to 1.98 million units for sale, marking a 4.5-month supply, but when compared annually was down 1.5 percent from March 2015. Price and supply will continue to be key influences on overall sales volume.
 
Housing Starts
 
Housing starts dropped to their lowest level since October, with construction starts on private housing in March falling to an annual rate of 1,089,000, an 8.8 percent decline from February's rate of 1,194,000, according to last week's report from the Census Bureau. That said, March's starts were 14.2 percent over March 2015's rate of 954,000. Starts on single-family homes in March dipped to a rate of 764,000, which was 9.2 percent below February's pace of 841,000.
 
Building permits issued in March for construction of private housing dropped to an annual rate of 1,086,000, which was 7.7 percent below February's rate of 1,177,000, but was 4.6 percent over March 2015's rate of 1,038,000. Permits for single-family homes in March dipped to a rate of 727,000, which was 1.2 percent below February's pace of 736,000. 
 
 

Advice For Buyers!
How to Assess the Cost of a Real "Fixer-Upper" 
  
When you buy a fixer-upper residence for either personal or investment reasons, you need to have a thorough understanding of all of the potential related additional costs to determine if it is a worthwhile investment. 
 
The following analysis in introspection will assist you in determining much you can afford, how much to offer, and whether a fixer-upper house is right for you. 
 
Decide what you can do or want to do yourself

         TV remodeling shows make home improvement work look like a snap. In the real world, attempting a difficult renovation job that you don't know how to do will take longer than you think and can lead to less-than-professional results.
         Do you really have the skills to do it? Some tasks, like stripping wallpaper and painting, are relatively easy. Others, like electrical work, can be dangerous when done by amateurs.
         Do you really have the time and desire to do it? Can you take time off work to renovate? If not, will you be stressed out by living in a work zone for months while you complete projects on the weekends?

Price the cost of repairs and remodeling before you make an offer

         If you are using a professional get several estimates on the work you want done by licensed and insured contractors.
        If you're doing the work yourself, price the supplies.
Either way, tack on 10% to 20% to cover unforeseen problems that WILL arise when you start to open walls, remove windows, install electric and plumbing, etc.

Check permit costs
        
Ask local officials if the work you're going to do requires a permit and how much that permit costs. Doing work without a permit may save money, but it'll cause problems when you resell your home.  Also check to ensure that there was no other non-permitted work done to the home.  If you get permits that chance that this work will be found and cited is likely. 
         Decide if you want to get the permits yourself or have the contractor arrange for them. Getting permits can be time-consuming and frustrating. Inspectors may force you to do additional work, or change the way you want to do a project, before they give you the permit.
         Factor the time,costs, and additional requirements of permits into your plans.

Double check pricing on structural work
If your renovation plans include major structural work, hire a structural engineer  to inspect the home before you put in an offer so you can be confident you've uncovered and conservatively budgeted for the full scope of the work required. 
 
Get written estimates for repairs before you commit to buying a home with structural issues.
 
Don't purchase a home that needs major structural work unless:
         You're getting it at a steep discount
         You're sure you've uncovered the extent of the problem
         You know the problem can be fixed
        
Check the cost of financing
Be sure you have enough money for a down payment, closing costs, and repairs without draining your savings.
 
If you're planning to fund the repairs with a home equity or home improvement loan:
         Get yourself pre-approved for both loans before you make an offer.
         Make the deal contingent on getting both the purchase money loan and the renovation money loan, so you're not forced to close the sale when you have no loan to fix the house.
          
Include inspection contingencies in your offer
Don't rely on your friends or your contractor to eyeball your fixer-upper house. Hire pros to do common inspections such as whole home inspection, radon, mold, lead-based paint, chinese drywall, septic, well and pest.

Lastly, don't pay more than fair-market value

Have your EXCLUSIVE BUYER AGENT develop an comparative market analysis that makes adjustments for all of the issues involving the property, location, condition, time value of money, et. al.  A transactional broker or listing agent is interested in selling the property for the highest price and is not working in a buyer's best interest.  Always use an EBA when purchasing real estate. 
 



 
Vacation Rental
rhodies
Looking for a Luxury Home Vacation Rental in the Western North Carolina Mountains?

NC House Summer View 2011
Come to the Mountains this Spring and enjoy all the mountains have to offer!  

NC House Exterior
Horseback riding at Cataloochee Ranch & Ski Resort, visit eclectic Asheville,  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
firepit
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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