Real Estate Matters
Interinvestments Realty® Bi-Weekly Newsletter
Date: January 14, 2014
Editor: Melly Guasch

Current Opportunities in Real Estate: The market outlook is looking good!

Happy New Year to all our clients and friends!

The following are excerpts of an article published in Florida Realtor Magazine, issue dated January/February 2014:

Thanks to slow but steady economic growth, Florida’s real estate market will continue its strong performance in 2014, according to Dr. John Tuccillo, chief economist for Florida Realtors. “Our state’s economy is doing well, so both residential and commercial markets should respond in a positive way,” he says. “I would expect sales to rise about 10 to 12 percent in the coming year, and home values should increase as well. The outlook for the commercial market is also looking better.”

From a demographic perspective, Florida will attract working-age families and retirees, increasing demand for housing. “The flow of people into our state will be growing,” Tuccillo says. “That creates new jobs, from construction and retail sales to healthcare and business services.”

However, Tuccillo notes that investors will be less active in the Florida market than in the past few years. “Prices for investment properties have gone up, and there is a relatively small supply of low-priced homes,” he says. “Therefore, many investors are buying properties outside Florida or looking at different types of assets.”

Demand from international buyers-particularly Europeans- may also decline in 2014 due to rising prices and the stronger dollar, which makes U.S. properties more expensive for them. However, Tuccillo expects little change in demand from Canadian buyers, who comprise the largest segment of the market. Latin Americans will also continue to buy homes in South Florida, particularly in the Miami market, where high-rise condominium construction is booming again.

Throughout the state, rising prices mean that many homeowners who were underwater now have at least a small amount of equity in their homes, according to Tuccillo. That increase in personal wealth, combined with a rising stock market through the first three quarters of 2013, may induce some owners to put their homes on the market and become move-up or move-down buyers in 2014. “I would expect inventory levels to increase,” Tuccillo says. “There won’t be a glut, but there should be more listings than there are now.”

Spotlight:

Recently, lenders have demonstrated more interest in financing a home by offering different programs for local and international homebuyers. The following are some tips that we are offering to homebuyers to qualify for their home mortgages:

Necessary information that a borrower needs when applying to a mortgage loan application:

1.    Current address of borrower(s)
2.    Length of time in current address
3.    Person who rents and to whom the rental checks are issued. (Name, address and phone number).
4.    If the length of current rental period is less than 2 years. Complete information of rental history in the last 2 years.
5.    Current employer. (If less than 2 years of current employment, you need to present 2 years previous history).
6.    Address and phone number of the employers
7.    Social Security number(s).
8.    Monthly expenses. (Rent or mortgage). If mortgage need first and second mortgage (principal and interest) insurance, taxes and association costs.
9.    Other income like bank interest, rental properties income, stocks, dividends, etc.
10.    All bank statements. Name and address of the bank account and current balance
11.    Information of stocks and bonds.
12.    Life insurance information
13.    Mutual funds information
14.    Monthly payments on any car. Bank name, address, account number, current balance and monthly payments, car make and year.
15.    Other real estate properties and personal property payments, mortgage payments in other real estate properties, insurance, taxes and association costs. Name of holder of mortgages, address, account number monthly payment and current balance.
16.    Other assets, like boats, trailers, etc.
17.    Current credit references: name of store, banks, financing companies, credit cards, address of creditors, account number, total credit offered, date of last payment done and current balance
18.    Past credit references: name and address of creditors, total credit offered, date of last payment done.
19.    Information about alimony and child support
20.    If the applicants are self-employed or commissioned employees must present the last two year tax returns.

What not to do after applying for a mortgage:

1.    Do not apply for any other credit. Such as, credit cards, department store credit cards, personal loans.
2.    Do not buy a car or shop around for one.
3.    Do not change jobs
4.    Do not deposit any unusual amounts of money into your bank account

Featured New Developments in South Florida:

Downtown Doral - 5252 Paseo
New Luxury Tower next to the Trump Golf & Spa!
1,2,3 Bedroom Units
Prices start from the $200's

Mosaic at Venetian Parc
New Single Family Homes
3, 4 Bedroom with Garages
Prices start from the low $300's

H3 - Downtown Hollywood
New Condos with City Views
1,2 Bedroom Units
Prices start from the $200's

For more additional information contact us today!

Interinvestments Realty® Corporate Offices
730 NW 107th Avenue. Suite #120
Miami, FL., 33172
Telphone: (305) 220-1101

Broward Branch:
2806 Weston Road
Weston, FL., 33301
Telephone: (954) 846-7341
www.interinvestments.com