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Why All the Chicken Littles Should Calm Down

The U.S. Census Bureau recently released their 2019 Q2 Homeownership Report. Some began to see the sky falling, believing the report showed Americans may be stepping back from their belief in homeownership.

The national homeownership rate (Americans who owned vs. rented their primary residence) increased significantly during the housing boom, reaching its peak of 69.2% in 2004. The Census Bureau reported that the second quarter of 2019 ended with a homeownership rate of 64.1%, which is down from the 64.8% rate for the fourth quarter of 2018. Based on this news, some started to question the consumer’s belief in the idea of homeownership as a major part of the American Dream.

Everyone Calm Down…

It is true the homeownership rate did fall. However, if you look at the national rate over the last 35 years (1984-2019), you can see that the current homeownership rate has returned to historical norms. The 64.1% rate is equivalent to the rates in 1984 and 1994.

What Will the Future Bring?

Part of the reason the homeownership rate slipped is a lack of inventory available for purchase for first-time home buyers. The demand is there, but currently, the supply is not. It seems, however, that is about to change.

In a recent report, Ivy Zelman explained that builders have finally started to increase the number of homes they’re constructing at the lower-end price points:

“Robust growth in the entry-level price point of late should translate to a reacceleration in homeownership rates moving forward.”

Bottom Line

Today, the homeownership rate sits at historic norms. In all probability, it will increase as more inventory becomes available. There is no reason for concern.

Contact Us:

PHP Houses
142 W Lakeview Ave
#1030
Lake Mary Fl 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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Selling a House Fast

A+ Reasons to Hire a Real Estate Pro

Some Highlights:

  • Hiring a real estate professional to help you buy your dream home or sell your current house is one of the most powerful decisions you can make.
  • A real estate professional has the experience to help you confidently navigate through the entire process.
  • Make sure you work with someone who knows the current market conditions and can simply and effectively explain them to you and your family.
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Selling a House Fast

How Property Taxes Can Impact Your Mortgage Payment

When buying a home, taxes are one of the expenses that can make a significant difference in your monthly payment. Do you know how much you might pay for property taxes in your state or local area?

When applying for a mortgage, you’ll see one of two acronyms in your paperwork – P&I or PITI – depending on how you’re including your taxes in your mortgage payment.

P&I stands for Principal and Interest, and both are parts of your monthly mortgage payment that go toward paying off the loan you borrow. PITI stands for Principal, Interest, Taxes, and Insurance,and they’re all important factors to calculate when you want to determine exactly what the cost of your new home will be.

TaxRates.org defines property taxes as,

“A municipal tax levied by counties, cities, or special tax districts on most types of real estate – including homes, businesses, and parcels of land. The amount of property tax owed depends on the appraised fair market value of the property, as determined by the property tax assessor.”

This organization also provides a map showing annual property taxes by state (including the District of Columbia), from lowest to highest, as a percentage of median home value.

The top 5 states with the highest median property taxes are New Jersey, New Hampshire, Texas, Nebraska, and Wisconsin. The states with the lowest median property taxes are Louisiana, Hawaii, Alabama, and Delaware, followed by the District of Columbia.

Bottom Line

Depending on where you live, property taxes can have a big impact on your monthly payment. To make sure your estimated taxes will fall within your desired budget, let’s get together today to determine how the neighborhood or area you choose can make a difference in your overall costs when buying a home.

Contact Us:
PHP Houses
142 W Lakeview Ave Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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What’s the Latest on Interest Rates?

Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market.

According to Freddie Mac’s Primary Mortgage Market Survey,

“the 30-year fixed-rate mortgage (FRM) rate averaged 3.60 percent, the lowest it has been since November 2016.”

Sam Khater, Chief Economist at Freddie Mac, notes how this is great news for homebuyers. He states,

“…consumer sentiment remains buoyed by a strong labor market and low rates that will continue to drive home sales into the fall.”

As a potential buyer, the best thing you can do is work with a trusted advisor who can help you keep a close eye on how the market is changing. Relying on current expert advice is more important than ever when it comes to making a confident and informed decision for you and your family.

Bottom Line

Even a small increase (or decrease) in interest rates can impact your monthly housing cost. If buying a home is on your short list of goals to achieve, let’s get together to determine your best move.

PHP Houses
142 W Lake Mary Blvd
Ste 1030
Lake Mary FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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Experts Predict a Strong Housing Market for the Rest of 2019

We’re in the back half of the year, and with a decline in interest rates as well as home price and wage appreciation, many are wondering what the predictions are for the remainder of 2019.

Here’s what some of the experts have to say:

Ralph McLaughlin, Deputy Chief Economist for CoreLogic

“We see the cooldown flattening or even reversing course in the coming months and expect the housing market to continue coming into balance. In the meantime, buyers are likely claiming some ground from what has been seller’s territory over the past few years. If mortgage rates stay low, wages continue to grow, and inventory picks up, we can expect the U.S. housing market to further stabilize throughout the remainder of the year.”

Lawrence Yun, Chief Economist at NAR

“We expect the second half of year will be notably better than the first half in terms of home sales, mainly because of lower mortgage rates.”

Freddie Mac

“The drop in mortgage rates continues to stimulate the real estate market and the economy. Home purchase demand is up five percent from a year ago and has noticeably strengthened since the early summer months…The benefit of lower mortgage rates is not only shoring up home sales, but also providing support to homeowner balance sheets via higher monthly cash flow and steadily rising home equity.”

Bottom Line

The housing market will be strong for the rest of 2019. If you’d like to know more about our specific market, let’s get together to discuss what’s happening in our area.

PHP Houses
142 W Lake Mary Blvd
Ste 1030
Lake Mary FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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10 Tips to Sell Your Home Fast!

1.    Get rid of clutter. Throw out or file stacks of newspapers and
magazines. Pack away most of your small decorative items. Store
and out of season clothing to make closets seem roomier.
Clean out the garage.

2.    Wash your windows and screens to let more light into the interior.

3.    Keep everything extra clean. Wash fingerprints from light switch
plates. Mop and wax floors. Clean the stove and refrigerator. A
clean house makes a better first impression and convinces buyers that
the home has been well cared for.

4.   Get rid of smells. Clean carpeting and drapes to eliminate cooking
odors, smoke, and pet smells. Open the windows.

5.    Put higher wattage bulbs in light sockets to make rooms seem
brighter, especially basements and other dark rooms. Replace any
burnt-out bulbs.

6.    Make minor repairs that can create a bad impression. Small problems,
such as sticky doors, torn screens, cracked caulking, or a dripping
faucet, may seem trivial, but they’ll give buyers the impression
that the house isn’t well maintained.

7.   Tidy your yard – cut the grass, rake the leaves, trim the bushes and edge
the walkways.  In the winter, keep the stairs and driveway snow free.

8.    Patch holes in your driveway and reapply sealant, if applicable.

9.    Clean out your gutters and polish your front door, doorknob and house numbers.

10.  Finally, list your home with Walter DiLoreto for maximum exposure and to ensure your home gets the attention it deserves.  Walter will be there to help you every step of the way and make sure your home gets sold in today’s competitive market.  Free Market Analysis

Contact Us:
Walter DiLoreto
142 W Lakeview Ave
Ste 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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Buying A Home Before Selling Your Existing Property

By Bill Gassett

Buying a home before selling an existing property you own is one of those real estate topics that I know gets debated quite a bit at the kitchen table all across America. It often happens unexpectedly.

You might be browsing the online housing ads, or you may just be driving in a neighborhood you like when you see it – a house you want, and for a great price to boot.

Unfortunately, you are still making payments on your current home.

You haven’t put it on the market yet, or you have, but it has yet to sell. Either way, you are in a tight position. Buying another home before selling your current property is a risky proposition for anyone without serious income. It is possible, but for most people, it is not recommended.

The question then becomes is buying a home before selling yours a smart move? Buying a house before selling your existing home is something only you can decide, but there are some things worth considering.

Benefits of Buying Before Selling

Even though most buyers are in no position to buy before selling their existing property, there are still a few benefits worth mentioning. There is a reason why you considered the idea in the first place, so it might be beneficial to review what you would have to gain.

You’re probably considering buying first because you found a property that is exactly what you want or one that is such a great deal that you feel like you cannot pass it up.

The reason could be more space is needed but just hadn’t gotten around to be a serious home buyer yet.

These are all legitimate reasons to want to buy a home, and opportunities like this can pop up, even if you have yet to sell your current home.

Everyone intends to get a great deal, and everyone has a dream home whether they have thoroughly thought through the idea yet or not.

When you come upon a house that fits one or both of these criteria, it can trigger some emotions and desires. You can picture yourself perfectly living in this new place, or you can see how much money you will net once you do sell your home.

You can also look forward to a smooth transition once you sell your home because you will have already purchased your new one.

If you have the finances, you may even see the potential benefits of carrying both houses – the old one with renters paying the mortgage while you enjoy your new home.

This could especially be worthwhile to you if the Real Estate market is on the rise and you see the potential for selling your existing home somewhere down the line for a more substantial profit.

Doing Work Before You Move In

Another significant benefit to buying another home before selling the one you currently own is the ability to go in ahead of time and make the improvements you desire so it is a place you will want to call home.

Some of the improvements that are a heck of a lot easier to complete when a home is vacant are refinishing hardwood floors, painting, and even remodeling projects like kitchens and baths. Many would kill to be able to have all of these things done before the moving truck ever pulls into the driveway.

All of these benefits are things you might gain from buying before selling your property. However, it is worthwhile to look at the risks of such a proposition. There are reasons why so few people go this route.

Risks of Buying Before Selling Your Home

Finances

Buying a home before selling existing property can bring with it a lot of financial risks. The first thing to look at before you go buying the new house is your finances. Can you afford to pay both mortgages for an extended period?

This is something the bank is going to want to know, and something you should be clear on before you jump in. Selling a house is an uncertain business, and it could take months – possibly a year or more – before you can sell. If all things go well, this will not be the case. But you must be able to cover the payments on both mortgages for some time.

If you do not have this kind of money, you probably should not buy before selling. However, there are other ways that people have accomplished this, so they are worth mentioning. Whether they are an option in today’s market is another story, and will depend heavily on your particular money situation, the lending market and whether the housing market is currently for buyers or sellers.

Home Sale Contingencies

Few sellers are interested in home sale contingency clauses; the chances are very slim a prudent seller will be except one – especially in a seller’s market. By making a contingency offer, you tell a seller that you will buy his or her house for a certain price if and when your home sells.

You put your home up for sale as soon as you decide to do this, and you hope that it will sell quickly so you can buy the new house.

The problem with this arrangement and the reason why so few home sellers accept it is that they lose control of their transaction. A seller has no idea if you are going to do what it takes to sell your home.

They don’t know if you are going to price it correctly, market it right, or even have the best Realtor to sell it. The seller is virtually at your mercy to do what it takes to move onto the next phase of the transaction.

The seller on the other hand without accepting this type of contingency is still able to do what is necessary to get his or her place sold by dropping the price. They certainly know if you are truly serious when you put your home under contract you will be back anyways.

A right of First Refusal

Another typical arrangement you see in some Real Estate contracts is what’s called a right of first refusal. You establish agreed upon terms in a contract and give a specified amount of time that the seller has to provide you to exercise your right to proceed with the transaction should the seller receive another offer.

When the seller gets another offer, you have a short period (typically 24 -48 hours) to purchase the home before the deal dissolves – whether you have sold first or not. Most sellers today do not need to deal in contingency clauses, but it could be worth asking if you have no other choice.

What I need to make painfully clear about this is that the chances are incredibly remote the seller will accept either of these arrangements. When you submit, an offer on a property, a good listing agent representing the seller is going to want to know you can qualify to purchase without selling your existing home.

In fact, one of the requirements I will have any buyer who currently owns a home and puts an offer in on one of my client’s homes is to provide a pre-approval mortgage letter that states exactly that.

The language must be explicit – “the buyer does not need to close on their existing home to make this purchase.” This assures the seller that they do not need to worry about a customer completing a transaction before the acquisition. Otherwise, a buyer could use the mortgage contingency clause in most Real Estate contracts as an escape clause to get their deposits back.

In regards to the right of first refusal unless the seller knows you can qualify to buy his/her home without selling it does not make sense to accept this kind of contract. A ready, willing and able buyer has made an offer on his/her home – why would they want to turn around and wait for someone to say yes or no who doesn’t even qualify to complete the sale?

They would be losing a buyer in hand who has nothing to sell! A few years back while working with a buyer client in Central Florida, even though I had explained to them that the vast majority of home sellers would not accept a contingency sale and they needed to get their home sold first, they didn’t listen.

Unfortunately for them, it took losing a home they wanted before coming to grips they needed to get their home listed and sold first.

After being in the Real Estate business for over 14 years, I find this is something that needs to be explained quite a bit. The are many buyers that think sellers are going to accept their contingency offer. Many have in the back of their mind that this is normal or that they have a very salable home – SORRY it does not work that way!

A seller could care less that YOU think your home is marketable.

Bridge Loan

You may have heard of a bridge loan, but do not bet on being able to get one. Bridge loans allow you to combine the payments of the old and the new home together, making it possible for you to transition from one residence to another. However, the catch with bridge loans is that you need to have considerable finances and excellent credit.

Mostly, you need to be one of the rare few that could afford the dual mortgage payments without the loan. A bridge loan was quite common many years ago, but this type of financing is far rarer nowadays.

Renters

Another avenue you can potentially look into when buying a home before you have sold the one you own is renting it out instead of selling. You may be thinking you can just rent out the old house to cover the mortgage while you move into your new home.

While this is an option, it does carry some risks. Renters can lead to severe wear and tear on your property and have little incentive to treat it with love and care you might.

If you are planning on keeping renters there just until you can sell it, you may run into even more problems. Your renters may want to continue living there and might make it unnecessarily difficult to show the house because of this.

Regarding finances, the lender is only going to count a portion of the rent you collect into the equation of whether or not you can qualify to carry both mortgages. Keep this in mind and make sure you do your due diligence before putting in the offer on your dream home.

Buying a Home Before Selling: Do So Only If Financially Wise

Not everyone sells his or her current home before buying a new one. However, the reality of buying a home makes such actions inadvisable for most. You may be able to do it, but make very certain that it is a smart financial move before doing so.

In my experience, most homeowners will opt to get their home sold first and then make an offer on their next place.

By doing so, you remove quite a bit of stress from the equation.

The next worry, of course, will be selling your home before you have found another home you really want to buy. This brings a whole different set of things to keep you up at night including finding temporary housing and a place to store all of your belongings.

These of course are legitimate concerns as nobody likes to think about making a “double move.”

In Real Estate we like to call the decision process for buying before selling or vice versa as the “chicken and egg question.” Essentially which option makes the most sense to do first based upon your life and financial position.

Only you can decide that, but these are the things you need to consider.  As you can see, there are risks and benefits of buying a new property before you have sold your current home. Hopefully, you are now better informed to make the right decision when buying and selling real estate.

PHP Houses
142 W Lakeview Ave
Ste 1030
Lake Mary, Florida 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com
website: www.PHPHouses.com

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Closing Costs In Florida: What to Know

Florida’s population is in an upswing, growing by more than 322,000 new residents in 2018 alone.

Are you looking to join these ranks? 

Whether you’re moving into a new Florida home or you want to sell yours and look elsewhere, you’ll have to go through a real estate closing process, first. 

No matter which side you’re on, this can be an expensive part of the journey.

Today, we’re sharing a detailed overview of what both buyers and sellers can expect to pay to cover Florida closing costs. This way, you can understand your obligation and set your budget.

Ready to learn more? Let’s get started!

Typical Closing Costs for Florida Buyers

Ready to plant your roots deep in the heart of Orlando? Dream of settling down near South Beach?

Before you can drive away with a title in your name, you’ll pay for a few services, first. In most cases, closing costs for Florida home buyers equal between 1% and 3% of the home’s total purchase price. This helps cover the work that key stakeholders, including title companies, appraisers, lenders, and real estate agents must perform to finalize the transaction.

When you apply for a loan with your lender, you’ll receive an estimate of all of these charges, which will vary depending on your specific situation. Let’s take a look at some of the standard charges that most buyers in the state will incur. 

Title Insurance 

As the buyer, you’ll pay for title insurance, which protects you and ensures that there are no issues with the current title in place. This can run you more than $1,000 in some instances. 

Document Recording Costs

Next, you’ll have to pay to change all official documents related to the property from the current owner’s name to yours. You’ll pay these fees, which cover the cost of creating new land records, to the city or county. They are around $225.

Mortgage Fees

In addition, you’ll incur additional costs related to your mortgage. Some of the most common fees in this category include:

  • Origination fees (Vary)
  • Discount points (Vary)
  • Credit report processing ($25)
  • Appraisal fee ($375)
  • Processor fees
  • Survey fees ($300)
  • Flood certification ($15 to $17)

Escrow Fees

Many sellers will work it out with the buyers to split the escrow fees 50/50. You’ll verify this setup in your purchase agreement. Most buyers in Florida pay around $750 in escrow.

Three Types of Taxes Relating to Florida Real Estate

  • First, all properties in Florida are assessed a taxable value and owners pay an annual Florida property tax based on this value (except churches, schools, government entities). This tax is paid to the local municipality
  • Second, if you sell your home, there may be a capital gains tax on the profit realized from the sale. For this scenario, there are federal guidelines set forth for global buyers under the Foreign Investment in Real Property Tax Act (FIRPTA).
  • The third tax category only applies to rental properties. If there is net profit on the rental income, there may be a federal tax on the profit generated from renting out a vacation home or other investment property. In addition, for short-term rentals there is a sales tax which is generally charged to the renter and submitted to the local government.

Seller Closing Costs to Expect

Think closing costs are only designated toward the buyer? Not quite. Before you can sell your property and start looking for your next piece of Florida real estate, you’ll sign a few forms and pay a few fees, first. 

While a seller closing cost calculator can give you a more exact estimate, let’s take a look at some of the most common fees you’ll incur.

Title Insurance

This fee covers the work required to ensure that you’re the actual owner of the property and that the title is clean and marketable. If the buyer is taking out a mortgage to buy the property, he’ll also pay a title insurance fee to his lender.

In most cases, this fee will be around 1/3 of 1%. If you sell your home for $180,000, for instance, the seller’s title insurance fee would be about $600.

This percentage increases as the price of your home go down and vice versa. This means the most expensive homes in Florida can see a title insurance fee of 1/5 of 1% or less. If you chose to bundle your policy with the buyer, you can often qualify for discounted rates.

Escrow Fees

You’ll also pay escrow fees as the seller. These will vary depending on which party you’re paying them to. In Florida, you may pay escrow to your title company, the closing service or your real estate attorney.

Real Estate Commission

If you work with a real estate agent to sell your home, you’ll pay that person a commission for the services rendered. This will usually be around 6% of the home’s purchase price. 

You’ll agree to a commission rate in writing before you partner with an agent. 

Recording Fees

You’ll pay for the title change to occur and for the real estate attorney to make the official update to the county record. Most sellers in Florida pay to record a reconveyance of the title, which runs around $150.

If there are other forms that your attorney must process before the sale is complete, such as a road maintenance agreement or quit claim deed, you’ll pay extra for that service, as well. 

Sell Smart and Skip Florida Closing Costs

For both buyers and sellers, Florida closing costs can add up. Whether you’re getting new keys or giving yours up, you don’t want to lose a ton of valuable money in the process.

Want to sell you Florida property and avoid this costly hassle?

That’s where we come in.

We buy houses for cash, and we’re looking for homes in Florida. We’ll help you skip the expensive and time-consuming closing process in a few quick steps.

Contact us today to learn more and see how simple real estate can be.

PHP Houses
142 W Lakeview Ave #1030
Lake Mary, FL 32746
P: (407) 519-0719
Fax: (407) 205-81951
info@phphouses.com

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What is a Pre-Foreclosure in Florida?

With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

So what is a pre-foreclosure in Florida anyway?

Many homeowners across America are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. If a homeowner fails to make the necessary payments, the bank will file an action to foreclose on the home in the court. Thankfully, during this stage of the process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current before they go to court and file the action to Foreclose on the property.  Of course this number can vary by bank and situation sometimes.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options that can delay or even prevent losing your home:

  • If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local mortgage broker… or contact us and we can connect you with a reputable one.
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Central Florida like us at PHP HOUSES LLC, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your Central Florida area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
  • You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off.  In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
  • You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.
  • You may be able to Deed-in-Lieu your house, deed in lieu of foreclosure occurs when the homeowner deed the property to the lender to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to the lender and some disadvantages to the borrower.

Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.

If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.

Ways We Can Help If You’re In Pre-Foreclosure

  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your Central Florida area house – We buy houses in Central Florida and would love to make you an all-cash offer on your house too. Just fill out the form here to get started 
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.

If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.

Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.

Contact us:
PHP Houses
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com

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The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. The author does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. The author will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.