Monday, April 1, 2019 / by Alexander Haigh
Homebuyers are sometimes led astray by common real estate myths that circulate the industry, causing them to hold off from making a purchase. Today I’ll cover two of those myths so you know what not to do when it comes to purchasing a home.
“I need to put 20% down to purchase a home.” That’s the first myth of the day, and it couldn’t be further from the truth. The 20% down requirement is true for conventional loans, and buyers that go this route don’t have to pay private mortgage insurance (or PMI). For anything less, though, the lender will require the buyer to purchase PMI as protection against possible default.
This is likely where some of the confusion lies when, in actuality, this doesn’t mean a buyer must come up with a 20% down payment. You can actually be eligible for a conventional loan for as little as 5% down.
If you’re a primary resident, your down payment can even be as low as 3% through ...
Tuesday, January 15, 2019 / by Alexander Haigh
Is our market shifting as we begin 2019? Let’s look at the year-over-year statistics from November 2018 from St. Lucie, Martin, and Palm Beach counties:
St. Lucie County
The number of closed sales rose 4.2% from 425 to 443
The number of units that were paid for in cash dropped 7% from 114 to 106
The average sale price dropped 0.8% from $228,513 to $226,738
The total dollar volume of units sold increased 3.4% from $97.1 million to $100.4 million
Pending inventory dropped 7% from 787 units to 732 units
The months' supply of inventory rose 20% from 3.5 to 4.2 months
The number of closed sales dropped 23% from 178 to 137
The number of units that were paid for in cash dropped 5.9% from 61 to 58
The average sale price dropped 5.6% from $463,924 to $437,969
The total dollar volume of units sold decreased 27.3% from $82.6 million to $60 million
Pending inventory dropped 14% from 279 units to 240 units
The months' supply of inventory stayed the ...
Tuesday, December 4, 2018 / by Alexander Haigh
The holiday season is finally here, and today I want to talk to you about a cause that’s very near and dear to my heart, especially during this time of year: the ARC of Martin County.
ARC stands for “Advocates for the Rights of Citizens,” and it’s an organization that takes care of people with special needs through afterschool programs, job placement, etc. They work with people who have cerebral palsy, autism, down syndrome, and more.
To help them out this year, we’re hosting a clothing drive for ARC. They have nine different houses in the area that their clients are housed in, and now that we’re in the season of giving, I want to do my part to help give back. I’d love for you to join me.
You can donate any new or gently used clothing to our office at 203 SW Atlanta Ave., or we’d be happy to pick it up from your home if you give us a call or send us an email.
If you have any other questions for us in the ...
Tuesday, October 2, 2018 / by Alexander Haigh
I recently moved companies and it got me thinking about what matters to consumers. Does a real estate company’s name really matter? I don’t think so, and today I am going to explain why.
What matters most to a consumer is actually the agent—the person who is helping you price your property, take photos, and shoot videos with drones.
When I meet someone at a listing appointment, I like to ask if they remember what company listed the house when they bought it. Most of the time they are unable. Instead, they say they chose the house based on the school district it was in, the price range, or its square footage.
Beyond these factors, buyers also say tend to cite the listing photos they saw during their search as a catalyst for their purchase. This means that it was the marketing that affected them most. Pricing is 80% of marketing. If you have an overpriced listing, no matter how many showings you do, mailers you send, and nice photos you have, the place won’ ...
Tuesday, October 2, 2018 / by Alexander Haigh
We all remember what happened in 2007. The financial crisis during this time taught a lot of lessons that I wanted to talk about today. There is an old saying that wise people learn from other’s mistakes but smart people learn from their own. If you did not buy a home then, you can learn from the people who did. And, if you were one of the people who did buy a home then, you must learn from that mistake.
Do not buy a home that you cannot afford. If you’ve been pre-approved for a monthly payment that would stretch your budget too thin, the home you’re looking at may be out of your price range. Even if you can technically afford the monthly payment estimated on your pre-approval, it’s important to consider other expenses you might encounter over time. If your finances are too tight, you may struggle to afford leisure activities or to take on other unexpected expenses.
Your home will not always go up in value. I have started to see people in the l ...