Davidson Realty, Inc.

The Strong Real Estate Market Continues Through Summer!

July 31, 2019

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

It looks like the strong real estate market in northeast Florida will continue through the summer. The Northeast Florida Association of Realtors market stats for June 2019 shows good buyer demand with 2,966 pending sales which is 11% higher than last June and 7% higher year-to-date.

 

Brian Buffini, a leader in the real estate industry for over 30 years, pointed out the four main indicators of the economy as it relates to real estate. The four indicators are jobs, interest rates, population and consumer confidence. All four are extremely positive right now.

 

Jobless claims are at a 50-year low. Mortgage interest rates are more than 0.5% lower than last year and very low compared to historical rates. The United States population is up 45 million people from 2000 to 2018 and consumer confidence is high.

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Lender Tip of the Month: Ease Loan Process with Communication & Organization

July 29, 2019

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Posted by in News, Northeast Florida Market Trends

Thanks to technology, gone are the days of the slow, clunky mortgage lending process! We can now speed the process and better track the significant number of required documents with relative ease.

 

George Stone, Loan Originator with Jet HomeLoans, has some great tips to help you utilize technology to improve your experience. Here are George’s tips for a smooth loan process:

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Once you are under contract you will likely have just 5 days to make a “Loan Application.” Basically this means you should speak with your lender right away and be sure that they have the required items to process your loan.

 

Documents that are required are things like your paystubs, your most recent 2 years of W2s and/or tax returns, your bank statements, and your un-expired government ID.

 

Send photos of required documents

Lenders accept photos for these items like your ID and your paystubs. Simply take a clear picture that is nice and straight with your cell phone and forward that along in an email or text.

 

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The May Market Stats Show Increasing Pending Sales & Closing

June 26, 2019

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Posted by in Ask Sherry, News, Northeast Florida Market Trends

The Northeast Florida Association of Realtors market stats for May 2019 show increased pending sales and closings. Prices continue to rise, but at a slower pace than the previous few years. Home sales had weakened late last year when interest rates on mortgages spiked, but the declining rates and strong economy in Northeast Florida have the numbers outpacing 2018 year-to-date.

 

There were 3,114 contracts written in May which is up over 5% for the previous May and year-to-date. There were 3,091 closings in May which is up over 4% month-to-month and year-to-date. The median sales price of $232,000 is up 2% year-to-date. The average sales price of $276,429 is up 1% year-to-date.

 

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How to Find Your Ideal Square Footage

June 25, 2019

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Posted by in Agent Feature, News, Northeast Florida Market Trends

New construction homes in the U.S. continue to inch a little larger each year, however the number of family members in the average household remains steady. This leaves many buyers scratching their heads and asking, how much house should I buy?

 

Since all residents generally meander around the entire house, estimations are individual and approximate. Some online sources estimate as high as 1,000 square feet per person while others dip down to 100 square feet per person. Many estimates fall around 500 square feet per person.

 

One Atlanta architect recommends calculating a ratio between bedrooms and living space. He said, “A rule of thumb that we have is: for every bedroom, you need to provide places for two people to sit in the dining area and living area.”

 

Before you start doing any math, there is another huge consideration: how much is right for you.

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What’s the best time to refinance? Use this simple rule of thumb

June 24, 2019

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Posted by in News, Northeast Florida Market Trends

As mortgage professionals, we are often asked about refinancing, especially at times like these when interest rates are historically low.

 

In addition, every time you turn on your television or go online, you are bombarded with advertising encouraging you to refinance now! But when should you consider refinancing?

 

In a normal interest rate environment and in Florida, the “rule of thumb” is that if you can reduce your rate by 2%, and plan to stay in your home for more than 2 years, you will begin to realize some actual savings. The math is simple:

 

On a 30-year fixed rate loan of $200,000 at a 6% interest rate,your payment (principal + interest) would be $1,199.10.

If you secure a new rate of 4% on the loan, your payment would go down to $954.83. That is a payment reduction of $244.27 a month.

Over 24 months, that’s a net savings of $5,862.48!

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