joe knows mortgages: Has the Brevard County Real Estate Market hit Bottom?
- 02/15/10 02:35 AM
Brevard County Mortgage and Real Estate Market Data For January 2010 Welcome to the first market data report for Brevard County Real Estate of 2010. While 2009 turned out to be a good year for both the reduction in inventory, and sales of existing inventory, it also proved to be the year of lending changes, and bottoming out prices. With 2009 in the distant past, we now get our first glimpse into the new decade for 2010. Not too surprising, the vast majority of sales were under $200,000 with 76% of all residential transaction selling between $0 and $199,999. … (0 comments)
joe knows mortgages: Brevard County FHA Mortgage update: Current County Limits
- 08/25/09 01:07 PM
The FHA is a great loan as it gives home owners a very low down payment option, allows features that conventional loans do not (a conventional loan is any loan that is not a government loan), and has historically very low interest rates. Currently the FHA will allow a loan amount up to $291,250 for a single family residence in Brevard County, Fl. Right now this limit is good through the calendar year 2009, however, there is talks of extending the limits into 2010. Just to recap, here is a list of some features of the FHA loan: Source of Down … (0 comments)
joe knows mortgages: Brevard County Foreclosure Myth's
- 08/01/09 07:15 AM
According to the Brevard County MLS, 30% of the single family residence sales, year to date, are marked as bank owned properties. I am not sure of the exact amount that are short sales, however, these are also dominating the market. While we may be reaching the bottom of the market, these transactions are not going away anytime soon.
With the continual arrival of new foreclosed properties in the market place, I thought it would important to review and dispel some myths about bank owned properties from my personal experience. This information comes purely from personally experience, and has not … (2 comments)
joe knows mortgages: What is a short sale?
- 08/01/09 07:07 AM
Simply put: a short sale is when the seller of a property owes more on the property than they are selling it for. So if the sellers owe $200,000 on a house, and they are selling it for $150,000, then they are asking the lien holder to take the loss for the difference or the short. Short sales are very common in this market environment due to decreased valued. Short sales typically take longer than regular transaction because the bank has to approve of the sale. The approval process may be lengthy because the bank may only service the loan, and … (1 comments)
joe knows mortgages: Young Professional's YPB event
- 07/22/09 01:23 AM
The YPB is a great local organiztion with the mission statement "To inspire and empower career-minded individuals to engage in civic, social and professional development." I thought I would put a plug out for this event (which is members only) that is happening tonight.
Members only networking @ the Brevard Art Museum Join other ypB members on July 22nd from 5:30 to 8:00pm. Get to know more about what the Brevard Art Museum has to offer. Get to know museum board members as they will be on hand for networking as well. Hors dourves and drinks will be provided … (0 comments)
joe knows mortgages: You deserve outstanding service!
- 07/21/09 02:54 PM
This is what professional service looks like: • Face to Face meetings • Full disclosure and explanation of costs and process • True and dependable Pre-approval • Professionally managed expectations • Timely and accurate weekly updates to all parties • A highly trained and experienced processing team in the office • Mortgage Professional attended closings • After closing availability • Exceptional, professional, and honest service When you work with a true mortgage professional, these are the results: • "Great personalized service. When I am aware of someone needing mortgage services I will definitely refer them to Joe Harris." - Craig and Rhonda … (0 comments)
joe knows mortgages: Bring on the new mortgage regulations!
- 07/12/09 06:53 AM
There is much new regulation coming down the pipe for the mortgage industry with Regulation Z changes, and RESPA changes; many of my peers are beside themselves and raving mad about the changes. In the next years many of the rules that hold professionals in the mortgage industry accountable will become stricter. This may sound crazy, however, I invite the changes with open arms. Why are Mortgage Professionals any different than other professionals? It is my job to be as exact as possible. Wouldn't you be upset if an engineer or architect got "close" to building the road or building correctly? … (4 comments)
joe knows mortgages: Sales are up!!
- 07/02/09 05:16 AM
Single Family Residence Sales for May 2009 The Brevard county real estate market continues to improve at a rapid pace. Looking at the data for May 2009, sales are up 7% over April 2009. Sales are also up over 18% year to date through May verses last year. Sales are up, rates are low, and prices are still favorable. This is a great time to buy a house. Even if you think that prices may still drop, the impending increase in interest rates will more than likely outweigh a small decrease in price (check out this article on this … (2 comments)
joe knows mortgages: Interest Rates are on the rise!
- 05/29/09 07:23 AM
All signs point to rising interest rates. The inflationary fears have started to materialize and have affected the Bond markets. Over the next few years, Trillions of dollars will be pumped into the economy, and many fear that this will cause hyperinflation. Because interest rates are determined by the price and yield of Mortgage Backed Securities, when consumer confidence comes back, there will be a flight away from fixed income instruments, and towards equities or stocks. In other words, money will stop flowing towards bonds, and will start moving towards other items that will more likely beat inflation. While bonds offer … (4 comments)
joe knows mortgages: May’s Luxury Home Showcase was a wild success!
- 05/29/09 03:20 AM
With over 25 agents attending from 10 different offices, this event was a wild success. While giving exposure to the property is the goal, it is also nice to have a time to speak with your professional peers from a myriad of different offices. For those who attended, thank you for previewing this spectacular property. Please keep this wonderful home in mind when you have buyers that are looking for the very best. For those who did not attend, I hope to see you at next month's event. If you did not receive an invite, and would like to attend future … (1 comments)
joe knows mortgages: Luxury Home Showcase - MAY
- 05/26/09 02:37 PM
This month's Luxury Home Showcase is in the exclusive Cloisters Community in Indialantic. THis is an invitation only event, however, please contact Joe Harris if you would like to attend this or future Luxury Home Showcase events.
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joe knows mortgages: Opportunity Everywhere!
- 05/26/09 02:26 PM
Market Data for April 2009 After completing my market analysis for April, I continue to see that Brevard County remains one of the best values in coastal florida. Between the rivers, and the beaches, where else can you enjoy such a high quality of life, and pay such a reasonable price for a house? Check this out! 80% of the sales of single family residences in the month of April are under $200,000. That means that home pricing has presented an opportunity for more people to achieve the dream of home ownership. While the low priced sales get the majority of … (0 comments)
Brevard County Mortgage and Real Estate Market Data For January 2010
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