Buying or Selling Real Estate in Boca Raton? You need to know TRID

On October 3, 2015, the rules changed for buyers who need a mortgage to purchase a home. Both buyers and sellers may be impacted by these rule changes because if there is a delay due to the loan documents, the closing and any subsequent closings will be postponed. The desire to have a back to back same day sell/buy closings maybe over owing to due the TRID rule.

The “Truth-in-Lending RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure” Rule or the TRID rule has taken the three previously required mortgage loan disclosure documents and consolidated them into the following two forms: a Loan Estimate (LE) that must be delivered or placed in the mail no later than the third business day after receiving the borrower’s application, and a…

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Boca Raton Market Conditions ~ 3rd Quarter 2015

I thought it would be interesting to analyze the state of the housing market in the Boca area. For the purposes of this analysis, I used single family homes in Boca Raton and Highland Beach for the period of July 1 - September 30, 2015 over $300,000 and broke out the analysis into price bands. I will analyze the condo market in future posts, but I believe that the numbers are comparable.

What do we learn?

The inventory levels are very low. In the price range of $300-500K there is not even a month’s worth of active listings based upon the recent sales. (The number of months of inventory is simply the number of current listings divided by the actual sales per month). As you go up the price ladder, the time on market and inventory supply increases,…

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What to do when your air conditioner stops working

Waking up sweating is not everyone’s definition of a sweet dream. Especially during summertime in South Florida. Air conditioners stop working for a variety of reasons. For new homeowners,  a sudden issue with you’re A/C could be a result of age or general wear and tear, which can easily be missed during an initial home inspection. 

Before it comes time to call a repairman or technician, it can be very beneficial for a homeowner to take a minute and try to determine the cause of the problem. Usually, central air conditioners will stop running due to poor maintenance, which can easily be remedied. For the motivated homeowner, do-it-yourself A/C maintenance can save you valuable time and money. 

But where to begin? Here is a simple checklist on how to…

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2010 Montoya Circle Real Estate Market Wrap-Up

There were a total of only 23 closed home sales in the Montoya Circle Boca Raton neighborhood in 2010, comparable to the 24 which closed in 2009. Both these past years saw a decline of the numbers in recent previous years. Of this year’s Montoya Circle sales, six were short sales, and two were bank owned properties. The trend towards lower prices continued, especially in the lower end townhomes and homes in Montoya Estates and Captiva, as there is more supply than demand in the under $400,000 price range. Two homes in Montoya Circle sold for $1,000,000 in the past year, which were the highest priced properties which sold in the neighborhood. The community is characterized by its proximity to the popular Boca Raton Synagogue and continues to…

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Should I buy or rent my Boca Raton FL home?

The latest rent ratios were released by Moody’s and can be seen in this New York Times article, giving support to the argument that in South Florida at least it is looking like it is more worthwhile to buy than to rent in today’s market of depressed home prices.

The rent ratio is the purchase price of the property divided by the annual cost of renting that property. The premise is that if the ratio is more than 20 (as in New York City for example), it is a better economic decision to rent. When the ratio is less than 15, the advantage tilts to owning. Between 15 and 20 is up in the air, but of course these ratios do not take into consideration potential price appreciation.

Because of the low prices and amazing opportunities in the Boca…

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Banks Freeze Foreclosures. How will this effect real estate in Boca Raton?

South Florida home sales are threatened as banks freeze foreclosures

Another snag has hit the already the troubled housing market throughout the US and particularly in South Florida, including the Boca Raton, Delray Beach, Highland Beach and Boynton Beach real estate markets in which our team specializes.
Because of a myriad of legal and paperwork issues, many banks have halted the sales process of their REO (real estate owned) bank owned properties while the investigation into the improper actions takes place. This is leaving many pending sales in limbo, including several pending contracts that we are working with. More banks are threatening to follow suit and freeze their pipeline of foreclosure sales as well.
Many of our clients are investors, and are…

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Karen Rothstein's first Blog Post- About finding a good Boca Raton real estate deal

‘IF YOU CAN FIND ME A “GREAT DEAL” PLEASE LET ME KNOW…THAT’S WHAT I AM LOOKING FOR!”

This is probably the most frequent request I hear when working with a buyer looking for Boca Raton real estate.  Of course I haven’t met anyone who has said, “price doesn’t matter”. The truth of the matter is really quite simple. It’s all inventory whether it is a Boca Raton short sale, Boca Raton Foreclosure or a regular deal (an arm's length transaction between a motivated buyer and seller). What is different about each one of those sales is the process that you undertake to purchase the home.

Yes, it is important to know the difference between a short sale and a foreclosure because since the process is different, a short sale or foreclosure may not be a viable…

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The time to act is now to take advantage of Homebuyer Tax Credits!

Contracts must be executed by April 30, 2010... for money in your pocket!

Whether you are a first-time buyer who qualifies for the $8,000 tax credit, or a current homeowner who wants the $6,500 tax credit, you have only until April 30, 2010 to take action. Federal deficits, budget cuts and political jousting make it highly unlikely that Congress will approve another extension of these popular tax credits, and many economists expect interest rates to increase soon.
So what are you waiting for? Here are the highlights of both tax credits:

$8,000 First-time Home Buyer Tax Credit at a Glance:

• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a…

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Buy your Boca Raton Real Estate now as interest rates dip below 5%

According to a survey released by Freddie Mac, interest rates on 30 year fixed rate mortgages averaged 4.97% for the week ending February 11, marking the third week this year that rates have fallen below 5%. A year ago rates were slightly higher, at 5.16%

15 year fixed rate mortgages averaged 4.34% this week as compared to 4.81% a year ago.

These low rates combined with increased affordability (i.e. LOW PRICES) hopefully will encourage continued activity in our local markets. Here in the Boca Raton/ Delray Beach/ Boynton Beach area we are closing significantly more deals than this time last year. This is really a great time to buy real estate in the Boca Raton area.

You can search the entire MLS here.

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Time is Running Out! Act Now to Receive your $8000 Tax Credit to Buy your Boca Raton home!

Only a few months left to take advantage of the first time HomeBuyer's Tax Credit! Don't miss out!

Many people have taken advantage of the one-time opportunity to receive the $8,000 tax credit offered by Congress since passing the American Recovery and Reinvestment Act. The tax credit, coupled with today's low low interest rates and increased housing affordability, is a huge plus in helping Boca Raton real estate buyers realize their dream of homeownership.

You must close on your Boca Raton real estate purchase by December 1, 2009 in order to qualify!

First time homebuyers in addition to those who have not owned a home for the past three years, may be eligible to receive all or even part of the credit depending upon their income level. You can even…

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