Homeownership also the newly American Dream posted by Washington Jan 30,2013

NEWS FROM FLORIDA REALTOR'S - CLICK HERE TO READ

HOMEOWNERS - Outside Remodeling has the biggest return on INVESTMENT

What is the news on the streets about upgrades? CLICK HERE TO SEE WHAT IS BEING SAID.

Exterior Projects Provid Biggest Return on Investment

Exterior Projects Provide Biggest Return on Investment Daily Real Estate News | Tuesday, January 29, 2013 Home owners looking for the most return on their investment when it comes to remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, REALTORS® rated exterior projects among the most valuable home improvement projects. “REALTORS® know that curb appeal projects offer great bang for your buck, because a home’s exterior is the first thing potential buyers see,” said National Association of REALTORS® President Gary Thomas, broker-owner of Evergreen Realty, in Villa Park, Calif. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale. REALTORS® know what home features are important to buyers in your area and can provide helpful insights when considering remodeling projects.” According to the Cost vs. Value Report, REALTORS® judged a steel entry door replacement as the project expected to return the most money, with an estimated 85.6 percent of costs recouped upon resale. The steel entry door replacement is the least expensive project in the report, costing little more than $1,100 on average. A majority of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects; all of these are estimated to recoup more than 71 percent of costs. Three different siding replacement projects landed in the top 10, including fiber cement siding, expected to return 79.3 percent of costs, vinyl siding, expected to return 72.9 percent of costs, and foam backed vinyl, expected to return 71.8 percent of costs. Two additional door replacements were also among the top exterior replacement projects. The midrange and upscale garage door replacement were both expected to return more than 75 percent of costs. According to the report, two interior remodeling projects in particular can recoup substantial value at resale. A minor kitchen remodel is ranked fifth and is expected to return 75.4 percent of costs. Nationally, the average cost for the project is just under $19,000. The second interior remodeling project in the top 10 is the attic bedroom, which landed at number eight and tied with the vinyl siding replacement with 72.9 percent of costs recouped. With an average national cost of just under $48,000, the attic project adds a bedroom and bathroom within a home’s existing footprint. The improvement project projected to return the least is the home office remodel, estimated to recoup less than 44 percent. The 2013 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 81 markets across the country. Data is grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 15th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with NAR and REALTOR® Magazine. REALTORS® provided their insights into local markets and buyer home preferences within those markets. The 2013 national average cost-to-value ratio rose to 60.6 percent, ending a six-year decline. The ratio represents nearly a three-point improvement over 2011-2012. Lower construction costs are the principal factor in the upturn, especially when measured against stabilizing house values. In addition, the cost-to-value ratio improved nationally for every project in this year’s report and is higher than it was two years ago for both remodeling and replacement projects. “A REALTOR® is the best resource for helping home owners decide what improvement projects will provide the most upon resale in their market,” said Thomas. “Each neighborhood is different, and the desirability and resale value of a particular remodeling project varies depending on where you live. When making a home remodeling decision, resale value is just one factor that home owners should take into consideration. Consult a REALTOR® to make sure you are making the best decision.” Most regions followed the national trends; however the Pacific region, consisting of Alaska, California, Hawaii, Oregon and Washington, once again led the nation with an average cost-value ratio of 71.2 percent, due mainly to strong resale values. The next best performing regions were West South Central, South Atlantic, and East South Central. These regions attribute their high ranking to construction costs that were lowest in the country. While still remaining below the national average, most remaining regions showed strong improvement over last year. These are Mountain, New England, East North Central, Middle Atlantic, and West North Central. To view homes for Sale in Pensacola FLorida click anywhere on this link or log on to www.dianesellspensacolahomes.com or clickpensacolahomes.com for all your Real Estate needs in Pensacola Florida

TAKE A LOOK AT WHAT IS HAPPENING WITH OUR MARKET!

HOUSING TRENDS NEWSLETTER BY DIANE HARMON OF "THE HARMON MURPHY GROUP" AT KELLER WILLIAMS REALTY GULF COAST. HOUSING TRENDS NEWLETTER THEN LOG ON HERE TO SEARCH FOR HOMES. THE HARMON MURPHY GROUP LOOKS FORWARD TO SERVING ALL YOUR REAL ESTATE NEEDS. CALL DIANE HARMON, REALTOR 850-232-5854 OR PRESTON MURPHY 850-380-0571.

SHORT SALE PROCESS CUT ON HALF! CALL TODAY FOR A SHORT SALE SPECIALIST

Short Sale Process Cut in Half or More, Freddie Mac Says Daily Real Estate News | Wednesday, January 23, 2013 Short sales are getting much shorter, Freddie Mac says. The mortgage giant launched a Freddie Mac Standard Short Sale program on Nov. 1 that sought to speed up the short sale process and make it easier and more transparent. "We estimate that the time to complete a short sale will decrease by approximately 50 percent to 75 percent," as a result of the changes, writes Tracy Mooney, Freddie Mac’s EVP in a recent blog post. Among the changes that took effect Nov. 1, 2012: Mortgage servicers have 30 days to make a decision on a short sale once they receive an application. If they need to negotiate with a third party, they have 30 additional days. A final decision on the short sale must be made within 60 days. Mortgage servicers are required to acknowledge they received the short sale application within three days of submission. Servicers must provide weekly status updates if they end up needing more time to review the application past the initial 30-day period. Mortgage servicers have authority now to approve short sales when qualifying financial hardships for home owners who are past due or current on their mortgage payments. Mortgage servicers are also now able to approve short sales without seeking a separate review by the mortgage insurance company. Following a short sale, home owners may be able to qualify for up to $3,000 in relocation assistance. LOG ON HERE TO FIND OUT MORE INFORMATION ABOUT SHORT SALES AND IF YOU QUALIFY FOR A SHORT SALE. REMEMBER CONGRESS VOTED TO EXTEND THE DEBT RELIEF UNTIL THE END OF 2013. CALL "THE HARMON MURPHY GROUP" TODAY FOR YOUR APPOINTMENT. CALL DIANE HARMON, REALTOR, CDPE CERTIFIED IN SHORT SALES www.dianesellspensacolahomes.com OR PRESTON MURPHY www.clickpensacolahomes.com

6 Reason's Why This Winter Is a Great Time to Sell

6 Reasons Why This Winter Is a Great Time to Sell Daily Real Estate News | Wednesday, January 23, 2013 Forget the myth that winter is a bad time to sell real estate. While sales usually inch lower in the cooler months, some real estate pros are saying this winter in particular may be a great time to sell a home. Here’s why: 1. Mortgage rates are near record-breaking lows. 2. Home prices are starting to rebound in many markets across the country. The National Association of REALTORS® reported that home prices in December were 11.5 percent higher than a year earlier. 3. Homes still remain a good deal: Prices are rising but remain mostly below 2007 highs, and in many areas, the cost of buying is cheaper than renting. 4. Distressed homes that typically sell at big discounts -- up to 20 percent off -- are still widely available. Short sales and foreclosures accounted for 22 percent of all existing home sales in November. 5. Household demographic changes: Many buyers used to want to wait until the end of a school year before moving, but households are changing and moving schedules are less tied to school terms. That’s because households with children are making up a smaller part of the mix nowadays. According to William Frey with the Brookings Institution, 80 percent of all households in the U.S. do not include children. has declined. 6. Household formation is growing. “Many people who ran into tough economic times several years ago are again looking at real estate ownership,” says Wendy Forsythe, executive vice president with Atlantic & Pacific Real Estate. “Enough time has passed so that many of these individuals have re-built credit, built up their savings and now qualify for FHA, VA and conventional financing.” CALL "THE HARMON MURPHY GROUP" TO GET YOUR HOME LISTED FOR SALE. CLICK AND LOG ON HERE. Call Diane Harmon, Realtor or Preston Murphy, Realtor TODAY!

POSITIVE HOUSING NEWS LOOK AT THE NUMBERS

Fla.’s housing market continues positive track in Dec. 2012 Related: NAR: Existing-home sales slip in Dec., prices rise; 2012 totals up ORLANDO, Fla. – Jan. 22, 2013 – Florida’s housing market had more closed sales, higher pending sales, higher median prices and a reduced inventory of homes for sale in December, according to the latest housing data released by Florida Realtors®. “Florida is an international destination: Owning a home here appeals to people of all ages from all over the world,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “Realtors from across the state are reporting increases in home sales and median prices. As a result of rising demand from investors and other buyers, there’s a shortage of inventory in many markets, and it’s putting pressure on prices.” Statewide closed sales of existing single-family homes totaled 18,031 in December, up 15.8 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written. Meanwhile, pending sales – contracts that are signed but not yet completed or closed – for existing single-family homes last month rose 39.7 percent over the previous December. The statewide median sales price for single-family existing homes last month was $154,000, up 14.1 percent from the previous year. According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in November 2012 was $180,600, up 10.1 percent from the previous year. In California, the statewide median sales price for single-family existing homes in November was $349,300; in Massachusetts, it was $295,000; in Maryland, it was $246,294; and in New York, it was $215,000. The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes. Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 8,470 units sold statewide last month, up 8.6 percent compared to December 2011. Meanwhile, pending sales for townhouse-condos in December increased 31.8 percent compared to the year-ago figure. The statewide median for townhouse-condo properties was $117,500, up 26.3 percent over the previous year. NAR reported that the national median existing condo price in November 2012 was $181,000. December marks the 12th consecutive month of higher statewide median sales prices for both single-family homes and for townhouse-condo units year-to-year, according to Florida Realtors’ data. The inventory for single-family homes stood at a 5.5-months’ supply in December; inventory for townhouse-condos was at a 6-months’ supply, according to Florida Realtors. “The market continues to improve, and it’s doing so in all parts of the state,” said Florida Realtors Chief Economist Dr. John Tuccillo. “Of note is the fact that inventory levels are now clearly consistent with a sellers’ market. When the final year-end statistics are compiled, expect that sales in 2012 will be more than 10 percent higher than they were in 2011. Once again, all the positive indicators are up significantly. The Florida real estate market is rapidly improving.” The interest rate for a 30-year fixed-rate mortgage averaged 3.35 percent in December 2012, down from the 3.96 percent averaged during the same month a year earlier, according to Freddie Mac. To view homes in Pensacola and surrounding areas log on HERE and start your home search. Looking for investment property look no more. The Harmon Murphy Group is dedicated to serving all your Real Estate needs. Call today. Diane Harmon, Realtor 850-232-5854.

Housing Industry and Great News

Great news from the housing industry and new numbers are out. So if you are looking to buy a home now is the time. In housing news, the Federal Housing Finance Agency (FHFA) reported this morning that home price rose by 0.6% in November from October while jumping 5.6% in the year ended in November. The numbers are based on data received from Fannie Mae or Freddie Mac mortgages. However, prices are 15.2% lower than the 2007 peak. There are a lot of different numbers that gauge housing prices – but no matter which one you look at - they are all showing nice increases. Here’s something you may wish to share with your prospective home buyers – if 30-year Mortgages are 3.5% and housing prices are gaining north of 5.5% - a borrower is getting paid 2% to buy a home. Something to think about….. Log on here to look for all the homes for sale in Pensacola and surrounding area. Or Call me directly Diane Harmon The Harmon Murphy Group Keller Williams Realty Gulf Coast 850-232-5854