Buying or Selling Home in Port St Lucie

by | Port St Lucie Real Estate

Buying or Selling Home in Port St Lucie

Florida Treasure Coast Real Estate is nothing short of a hidden treasure and portstlucie.city is the place to list your property for sale or find that perfect dream home.  portstlucie.city is a full-service real estate website covering Port Saint Lucie, St Lucie West, Tradition, Stuart, Hutchinson Island, Jensen Beach, and Fort Pierce markets. For buyers, we provide you with detailed information on many incredible communities that we are proud to call them our neighborhood. For sellers, there is a marketing plan that includes showcasing your property in many different websites reaching local, national and foreign buyers.. 

For Buyers For Sellers
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When looking to buy a home in Port Saint Lucie, St Lucie West, St Lucie, Stuart, Hutchinson Is, Hutchinson Island, Jensen Beach, and Fort Pierce real estate markets you are presented with some of the most interesting and diverse communities and neighborhoods in Florida.  Each community offers many amenities, opportunities and incredible sense of hometown feeling and ready to welcome their new neighbors.  This is the best time to find your neighborhood and it is our privilege to Welcome to our beautiful Treasure Coast, let’s make it happen!

For sellers, If you are relocating from Treasure coast let us market your property and help you to find your ideal home anywhere in the nation.  We have associates in every single estate that can assist you in locating the best property for the lowest market price.  We will be with you in every step of your journey.  If you are relocating to Treasure Coast, we welcome you.  Let us show you around the area and introduce you to our wonderful gated communities wand their amazing resort style amenities.  For families with growing families, we have the perfect home for you in many great homes in and around your price range.  Finally, for the empty nesters, if it is time to downsize we have an exciting collection of Active Adult Communities that offer many amenities and social activities to fill your leisure time and prove that you can downsize while supersizing your pleasure in this resort style communities.

Start the new phase of your life in Treasure Coast by simply contacting us directly at: (772) 323-6730 or email us: info@portstlucie.city

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Lock and Go Properties

by | Port St Lucie Real Estate

Lock and Go Properties

Lock and Go Properties – Port St Lucie, Stuart, Hutchinson Island, Fort Pierce

In our modern fast-paced society, it is apparent families are seeking more quality time together with Lock and Go Communitiesfriends and relatives in their primary residences or vacation properties.  For many homeowners, this usually means finding the right property to have a “lock and go” household.  Many communities have HOA’s with amenities such as lawn care, exterior painting, security, rental management, and other features to accommodate busy families or vacation property owners.  

Contact Hamid for a list of “Lock and Go” Communities

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Learn All About Mortgage

by | Mortgages

Learn All About Mortgage

mortgageGetting the Best Financing on Your Home

Although finding the best property that suits your needs is our main goal, but our other objective is to assist you in taking advantage of a lower interest rate and better home-loan terms for us as well.  Over many years of dealing with numerous lenders and financial institutions within the State of Florida, we have narrowed our list of the lenders down to the few top notch financial institutions.  This will allow us to assist you to get in touch with the ones that are the most useful match for both you and your financial picture.

Interest Only VS Interest Principal Loan

Interest Only Loans

In Interest Only Loan Programs the borrower will only pay the interest portion of the loans on a monthly payment schedule.  This program is not for everyone and all borrowers should be cautious when applying for interest only and know that their monthly payment will eventually increase substantially.  The loan term for interest only programs are generally set as 5 to 7 years limits.  Although the Interest Only Loans could be a great financial vehicle in some circumstances, but it although has some pitfalls that the borrowers should familiarize themselves to calculate if this is a right program for them.  The following is an example of the Interest Only Loans being beneficial for the buyers:

  • Short Term Hold- 
    • The borrower is certain they will resell the property in less than the 5 to 7 years when the payment of the principal becomes necessary.  For this reason, the Interest Only Loans have been very popular with investors who are not planning to occupy the property and their main goal is to gain profit by flipping the home for a higher price
  • Lower Initial Payments- 
    • For Borrowers who know their financial standing will improve in near future and wish to have lower monthly payments in early stage of the loan
  • Qualifying for a Bigger and More Expensive Home-
    • Since the initial monthly payments for the Interest Only Loans are much lower, the mortgage payments have less negative effects on their Expense/Income Ratio, which means the borrower could qualify for a larger mortgage loan.
  • Use of Funds for Investments with Better Yield-
    • The borrower is certain that the money allocated to the monthly payments for the principal could be used in other investments with much higher yield than the interest rate charged by the lender.

The standard mortgage loan for working individuals

Just because a homebuyer’s earnings history is not an indicator of a great wealth, or just because he or she are an hourly employee, that should not prevent anyone from owning their dream home.  Each financial company and many loan providers often underwrite loans based on their unique prerequisite requirements.  At times, this may not function as the most friendly terms and conditions for any salaried or per hour salary earner. We are familiar with lenders who are most likely to deal with you properly based on your financial standings and provide you with the most beneficial terms, and w will direct you to the right lender based on your situation.

The self–employed Homebuyers –

Since the real estate turmoil of 2007, obtaining a loan for an entrepreneur or self–employed individuals have turned into a more stringent process.  Income and expenses ratio is a lot more specific, and the borrowers’ vetting process has become more detailed.  For that reason, we have tried to stay up–to–date on new requirements. We could lead you to a number of solutions for excellent home loans programs that are tailored to the self–employed individuals and families.

Less than an Excellent Credit Rating –

In the new financial era, many mortgage companies are becoming more stringent when it comes to the credit-worthiness of homebuyers.  On the other hand, the financial crisis has also had an adverse effect on Americans income and credit and having a lower credit score, unfortunately, has become more common than before the mortgage crisis.  All and all, while many individuals pay their expenses on time, but still do not possess stellar credit ratings.  We will try to assist you to find the loan companies within the Port Saint Lucie, St Lucie West, St Lucie, Stuart, Hutchinson Is, Hutchinson Island, Jensen Beach, and Fort Pierce real estate marketplaces who are willing to supply excellent home mortgages intended for lower FICO scores.

Adjustable Rate Mortgages, ARMs, and When They’re Acceptable –

Although most residential real estate buyers are purchasing a house that they plan to occupy for several years, the national average is seven years.  Investors, on the other hand, are looking for a shorter ownership period.  Adjustable Rate Mortgages, ARM, are generally suitable when the strategy is to possess a property for fewer than five to seven years, particularly five years. The lower interest rate of ARM mortgages is another incentive for borrowers to use these type of loans.  ARMS could lead to a considerably less monthly mortgage payment, which makes it perfect for borrowers who will not hold on to the property for a long period of time. This could also allow a purchaser to be eligible for a larger mortgage which increases their buying power. Nevertheless, ARM is not commonly a good practice for families buying homes to live in.  The main reason remains in the fact that as soon as the ARMs reaches the time for payments of the principal, the loan costs can increase more than the estimated amount by the homeowner.  Also, any increase in the interest rate would have a significant effect on the amount of the monthly payments.

Financial Disclosure and Deal-To-Closing Factors –

Following the mortgage and real estate crisis, the examining of the borrowers’ personal earnings and expenditure details by financial institutions and their underwriters are considerably tighter than before.  Be ready to start searching for records, and proof of payments.  We shall also emphasize on the transparency and honesty with lenders will become helpful when declaring financial facts that might have an affect on your ability to cover the loan payment.  Even when it is not requested by the lenders during the early stages, be ready for inquiries for additional paperwork later on.  Also, it is really a smart idea to not increase any charge card limits, obtain a new card or add to any other debt between the time of applying for a loan and the closing on the property.  Also, be advised that many lenders will perform an additional credit assessment prior to the closing to make sure no debt is added to change the Expense/Income Ratio.

Look at the Charges and Ask Questions –

There is a variety of charges related to obtaining a home loan ranging from appraisal fee to escrow of interest, tax, and insurance.  The origination fees along with other charges often amount to the largest expenses in the closing package.  Don’t be reluctant to check out all charges, why they are incurred and exactly how they are calculated.  It is your hard earned money, and as the client, it is your right to ask questions.

There is a variety of charges related to obtaining a home loan ranging from appraisal fee to escrow of interest, tax, and insurance.  The origination fees along with other charges often amount to the largest expenses in the closing package.  Don’t be reluctant to check out all charges, why they are incurred and exactly how they are calculated.  It is your hard earned money, and as the client, it is your right to ask questions.

Compare Mortgage rate

Most home buyers don’t realize how much extra an additional point, or even 1/2 or 1/4 pf point, will cost them on repayment of their mortgage during the life of the loan.  It is imperative to shop around to find the lowest mortgage rate, while avoiding extra fluff fees, by comparing quotes from a number of lending institutions.  The best place to start with is the bank or credit union that you work with.

Compare Mortgage Terms

Mortgage terms usually include the total number of mortgage payments, how many years, and interest rate.  The longer the term of the mortgage the more costly the mortgage will be.  The following example of $300,000 Mortgage with 3.79% Interest rate is a brief breakdown and comparison of these terms.

Description 10 Years 15 Years 20 Years 25 Years 30 Years
Monthly Mortgage Payments $3,008 $2,882 $1,783 $1,549 $1,396
Total Principal Paid $300,000 $300,000 $300,000 $300,000 $300,000
Total Interest Paid $60,900 $93,773 $128,380 $164,680 $202,619
Total Mortgage Payment $360,900 $393,773 $428,380 $464,680 $500,619

Refinancing A Mortgage

When it comes to refinancing of your mortgage there are many factors to consider to determin if the refinance is cost effective to save money on the repayment of your mortgage:

  • Is  the new interest rate lower at least by a point compared to your existing rate?
  • What is the overall cost of refinancing?
  • Consider the number of years you have to repay the new mortgage and compare it with the number of years you have been paying your current mortgage and how many years left if you stay with the same mortgage.
  • Please note that your monthly payments in the early years are mostly allocated for payment of interest and only a minimal amount goes toward the principal.  By the middle of the mortgage term, you reach a halfway point, paying 50% toward principal.  Consider if the refinance it worth going back to paying little toward principal again.

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Securing Florida Homes For the Summer

by | Home Maintenance

Securing Florida Homes For the Summer

Checklist For Closing Winter Homes in Florida
Florida Vacation HomesIf you are like most Snowbirds you need to close up your Florida Home for the Winter.  Below are some tips and checklist so you won’t forget the things to do.

  1. Turn off the main water valve to your Unit or Residence.  Be sure to turn off the circuit breaker to your hot-water heater. Upon Your return turn on both the hot water and cold water and let them run for a few minutes to get clean water into the pipes.
  2. It is a good idea to unplug expensive appliances such as your TV.
  3. Make sure your air conditioning (A/C) unit is in good operating condition.  The filter should be changed prior to leaving for the summer.  A clean air filter will operate more efficiently and save on electricity.  Set your humidistat according to manufacturers directions. Common settings are 80 and 60, respectively.  It is very important to keep your air conditioning running to reduce the chance of mold formation in your unit or residence.  Air Conditioners take the moisture out of the air that produces the mold.  Make sure the outside drain pipe for the air condition is open and operating properly.   If no condensate water is dripping out there it is a good chance that condensate will build up in the drip pan.  Make sure you do
    not turn off the circuit breakers for the A/C.
  4. Pour 1/8 cup of lime or lemon juice and 1/4 cup of vegetable oil down the kitchen drain and run the garbage disposal for a couple of seconds without running the water. Then add a cup of vegetable oil.The acidity of the juice inhibits bacterial growth and the oil lubricates and helps keep down the rust.
  5. Clean out and empty the refrigerator while propping open the doors and leave the bin drawers open.  Unplug the refrigerator and turn off the circuit breaker.  This will save you money and prevent mold.  
  6. Open dresser drawers and other furniture drawers to allow air circulation and prevent mold.
  7. Add 1/4 cup of Clorox Bleach to the toilet bowl and cover the bowl tightly with plastic wrap.  This will prevent bacteria and mold from growing.
  8. Remove all items from the Patio or Backyard even if the room is enclosed with a screen.  Hurricanes can turn these items into flying destructible objects.
  9. Place hurricane shutters on the windows
  10. Call the PSL police department for a property check and complete the form.  The PSL police department will make regular wellness checks.  Thier phone is:  772-871-5000

Have a safe and wonderful Summer!  Maybe we Leaf Peepers will see you in the Fall!

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Hutchinson Island FL Real Estate

by | Vacation Home

Hutchinson Island FL Real Estate

Hutchinson Island Real EstateJensen Beach, FL

Welcome to Hutchinson Island, Florida’s Hidden Treasure! From single family homes, townhomes to condominiums the real estate in Hutchinson Island is one of the best deals in Florida for ocean front properties.  Hamid offers expert real estate services for both sellers and buyers of condominiums, townhomes, and homes in Hutchinson Island Real Estate.  Although our “Search Homes” tab is available for all buyers to search for their ideal condo in Hutchinson Island but the best method is having us to send you all listing that matches your requirements.  This will allow you to receive new listings as they enter the market.

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Buying and Selling Homes in Sellers Market

by | Sellers Market

Buying and Selling Homes in Sellers Market


Buying and Selling Homes in a Sellers Market

buying homes in portstlucieThere are many factors involved in defining a real estate market as a home seller’s market.  The level of inventory normally tops the list to identify a market as a buyer’s or seller’s market. As per the rules of supply and demand, a low inventory is a sign of the home sellers’ Market, while more inventory or more supplies are always more advantageous to the home buyers.  Whether buying a home or selling a home in Port St Lucie get a fresh real estate market report.

Currently the Florida real estate market, like many other markets in the nation, is considered to be a seller’s market. The historically low-interest rates of below 4%, low prices of existing and new construction homes along with the decrease in inventory have contributed to the creation of a sellers’ market.

Now, the question remains is how to approach and make a deal in a sellers’ real estate market when competing with many other qualified buyers for the same property. To begin with, the buyers should utilize any and all tools available to stay abreast of any changes with the market and act accordingly. The timing is of the most important and home buyers must act quickly when facing competition in purchasing the same property. The home purchasers also must stay on top of the market by identifying all new listings that come to the market, preferably before their competing home buyers get their hands on it. This is another emphasis on the use of the right tools to search and find the right property at the right time.

While the internet is the best tool available, in searching the real estate market for that ideal home, but in order to be exposed to the arrival of any new listings in Multiple Listing Services or MLS, one must conduct many searches on a daily basis. This becomes a tedious task especially when the home buyers have to comb through all previously searched listings and try to remember the old listings in order to find the newly listed properties. All that said, the solution is much simpler than one could imagine. This could be easily resolved by the MLS system and through some of the many tools that are offered exclusively to the Realtors. These tools are normally placed in the backend of the MLS programs and not accessible by the public.

One of the tools accessible by Realtors is the ability to program the MLS System to email a copy of any new listing to home buyers and at times the home sellers. The new listings are emailed as soon as the listing is published in MLS. This puts the recipient of the emails in a superior playing field in comparison to home buyers who are randomly searching the internet for the new listings.

So, start by finding a Realtor and discuss all your wants and needs for purchasing a new home. Ask your Realtor to program the MLS system to email you the existing listings along with any future listings. All you need to do is to be on top of your emails, analyze all incoming listings and act quickly by asking your Realtor to arrange for a tour of all properties that falls within your criteria.

After locating the ideal home, there are a few crucial steps that could define the success or failure in purchasing a home in the sellers’ market. Your Realtor would help you to correctly price the home you wish to purchase. Unless the home is listed grossly above the fair market value, refrain from lowballin’. Always remember if the home is listed in MLS, most often it means that another Realtor has assisted the home seller in competitively pricing their home. This simply means that the seller of that home is well aware of the value of their property and most probably will not want to sell it for much less than that.

How to Place a Winning Offer When Buying a Home

Offering the asking price with less or no contingencies in the contract, quick closing, and good size down payment are some of the few factors that could entice any seller in choosing your offer over others. When it comes to the Bank Owned Properties or REO listings the home buyers often offer even more than the list price. This is mainly because the banks list the REO properties somewhat lower than the fair market value in order to take them out of their books as quickly as possible. The lower price also attracts more buyers and the home buyers often bid over the asking price to win the bidding war

Your real estate professional is the best source to help you to avoid overvaluing a property. Most often the seller approves an offer before other buyers had a chance to place theirs. So, act promptly when it comes to placing an offer. By not acting quickly, you are allowing the competition to enter the arena. Your offer, unless required otherwise by the sellers, is normally written by your Realtor on a uniform document that is approved by Florida Association of Realtors, FAR. Although this document is the same as the main purchase contract usually it is referred to as an OFFER, which upon the sellers’ acceptance and signing this document becomes a CONTRACT.

While writing the offer/contract, your Realtor should go through every line-item in the form and advise you of the best strategy in writing such proposals to have the best chance to overcome the competition. The Realtors also should educate their clients if the possibility of facing a multiple offer situation and plan accordingly. Multiple offers are more commonly known to take place during the seller’s market. This is when a seller receives more than one offer, prior to the acceptance of an offer. In most cases, a knowledgeable Realtor who is representing the seller will notify all buyer’s agents of being in a multiple offer situation. The seller’s agent will set a date and time for buyer’s agents to submit their “Highest and Best Offers”. All such offers are presented to the seller and the buyer agent for the winning bidder to be notified accordingly.

Buying Home and Multiple Offer

If you have arrived in multiple offer situations the first step is to get advice from your Realtor about the true fair market value of the property. Do not get tangled in a bidding war and overpay for a property, but at the same time remember in a market that prices are increasing rapidly sometimes the overpricing would be justified within a few months.

After sellers accepts your offer and signs the offer document now you have a valid contract to purchase the property. Your Realtor’s work enters a new phase that consist of scheduling and following up with inspection, appraisal and timely deposit of any and all additional funds that are stipulated in the contract. While your Realtor is the best source in the hiring of an inspection company, your mortgage broker and the finance company are normally in charge of ordering the appraisal process.

It is not uncommon to have appraisal issues during the sellers’ market. This is due to the homebuyer’s eagerness to pay above the fair market value, which falls in direct conflict with the appraisal task in evaluating the property as closer to the fair market value as possible. The remedies for resolving appraisal issues remain in the willingness of either party in adjusting their prices. This normally concludes in seller reducing their price, buyer paying out of pocket in addition to what financial companies will pay or in some instance the falling apart of the entire deal.

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How to Sell Your Home for Highest Price

by | Sellers Market

How to Sell Your Home for Highest Price

Sell Your Home for Highest PriceSelling Home for Best Price

No matter if we are in a sellers or buyers market, selling or buying a home for the best price has always been one of the main objectives for the homeowners and real estate professionals alike.  With the sellers desiring the highest price and buyers wanting to pay the lowest. the final decision comes down to the appraiser report compiled by a licensed, professional appraiser for a fee.  It is also the duty of the Realtors® for both sides to negotiate an amicable solution for any discrepancy between the list price and appraised value. 

Near a decade ago I made a decision to add an Appraisal License to my repertoire as a Realtor.  The main reason for taking the time and studying for yet another license was not adding another framed certificate to the walls of the office but to have an edge on discussing the right price with the appraisers as their colleague and also negotiating contracts, which were facing appraisal issues.  I wanted to know what an appraiser sees besides the rooms, the walls and the pool and why a property that the buyer and seller  have agreed on a value is appraised at a lower price, sometimes by thousands of dollars.

This venture in finding the best market value for a property, employing the methods used by the appraisals, proved to be beneficial in many ways and opened my eyes to different opportunities as well as the mistakes by homeowners.  One major mistake most homeowners make is either not improving the home’s general appeal or doing the opposite by over-improving.  A carpeted basement with great lights and a new bathroom would not add to the total footage of the house to return your investment but a beautiful curb appeal and well-kept interior will entice the appraiser to apply a higher value allowed by their standards to that house.  At the same time, while the signs of a leaky roof will result in a lower appraisal, a new roof will not add to the value because a house should have a good roof and having one does not constitute an improvement.

Before making any major improvements that you think will result in a higher sales price of your property first find out if you will even get your investment back let alone to benefit from it.  When selling a home the cost of an appraisal is so minimal that any homeowner could and should order one and use that appraisal enter the negotiation with the buyers, agents, lending institutions and even other appraisers.  Are you are planning to do improvements on your home to sell for better price but not sure if remodeling or repairs are beneficial?  Please contact us for a free consultation on all aspects related to the sale of your home including the best way to spruce up your home to get the best return possible,

Email: info@portstlucie.city

Phone: (772) 323-6730

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Florida Homeowners Insurance

by | Real Estate Tips

Florida Homeowners Insurance

home_insuranceHomeowners Insurance in Florida

Paying too much for homeowners insurance policy? Have you explored all discounts to lower you insurance premium? The homeowners insurance in Florida could be much higher than many other places including the neighboring states.  The single important factor for the higher premium for the homeowner insurance policies in Florida is the geographical situation of the state that makes it more prone to damages caused by the hurricanes coming from both directions of the Atlantic Ocean and the Gulf of Mexico.  The other contributing factor for higher premium is the location and proximity of the properties to large bodies of water.  The homes or condos located on barrier islands and other beachfront properties come with a higher insurance tag and at times even difficult to insure.  To obtain insurance policies for such properties homeowners must shop around and work with insurance companies that are affiliated with more than one insurer.  

Wind Mitigation and Four Points Reports

For homes after 2001 there your agent might order the wind Mitigation Report, which is one of the least expensive solutions that could save substantially in your premium.  The report not only helps with obtaining the homeowner insurance for homes in the high-risk area but also could result in a discount on the premium that will justify the small cost of the report.  There is also Four Points Report that is for older homes.  This report could also result in great savings on insurance policies, just like Wind Mitigation Report.

How to Save on Insurance Premium

The Wind Mitigation Report is also a good tool for most homeowners in lowering their insurance premiums, specifically for the homes that are built after 2001 that generally meet the current Florida Building Codes enabling them to withstand hurricane force winds.  The homes that are built before 2001 could also receive a discount if their roof is replaced after 2001 under the new codes.  The cost of the homeowner insurance in Florida could be in thousands of dollars, but there are simple ways of receiving discounts that an insurance agent could advise you on them.  While you might not want to change your Gable roof for the sake of a discount on your homeowner policy but you may consider installing smoke detectors in case of a fire could also save more precious commodities than your home.

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Save Your Home from Foreclosure

by | Foreclosure Properties, Real Estate Tips

Save Your Home from Foreclosure

New Closing DisclosureSaving Homes from Foreclosure

Finally, there might be a light at the end of the tunnel to save homes from the foreclosure plague that has been hovering over thousands of families living in Florida and some other states in recent years.  While the federal government’s plans to save the financial institutions were nothing short of a miracle, but the homeowners, on the other hand, were left watching their dream washing away in the sea of foreclosures.  The homeowners that hung in there and kept up with their mortgage payments were rewarded with a large decline in their home equity when the home prices plummeted.  For those homeowners who bought their home during the real estate boom things became even gloomier when they ended up owing more on their homes than it was actually worth.  The term “underwater homes” or “upside down mortgages” refers to these unfortunate homeowners who had no way out of this mess.

Rebuilding American Home Ownership Plan

That was until finally a good man by the name of Senator Jeff Merkley from Oregon came up with a plan called: the 4% Plan or Rebuilding American Homeownership.  Under this proposal, a trust that is established either in the Federal Home Bank or Federal Reserve will buy and then refinance the upside down mortgages as long as the homeowners are current in their mortgage payment.  The Rebuilding American Homeownership plan is a brilliantly thought out solution for the homeowners with underwater mortgages with no cost to the taxpayers.  The low-interest rates are offered at 4% for 15-year mortgages that although it might not reduce the monthly payments but it will allow the homeowners accumulate equity quicker.  The next plan is a 30-year mortgage with 5% interest that offers a much lower monthly payment to make it possible for most homeowners to keep their homes.  There is also a two-part plan for the first mortgages.   The first part covers 95% of the current values and a second for the balance of the mortgage with no payments or accruing interest for five years.  The two part plan is also designed to lower the monthly mortgage payments.

 Link:  Senator Jeff Merkley’s Rebuilding American Homeownership in pdf format

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Prevent Mold with Humidistat When Closing Florida Vacation Home

by | Home Maintenance

Prevent Mold with Humidistat When Closing Florida Vacation Home

Humidistat Prevents MoldHow to Prevent Mold in Vacation Home or Condo in Florida

For people who own a piece of paradise in the City of Port St Lucie, it is important to know how to prevent mold in your home or condo in Florida.  The following information is compiled to demonstrate how with a few simple steps you could avoid the costly and sometimes devastating effect of mold and mildew in your vacation home in Florida.

How Does Humidistat Work?

Mold can start to take roots inside your home when the Relative Humidity (RH) exceeds about 68 percent. A Humidistat, which directly controls indoor Relative Humidity, is one way to prevent mold.  It is also important to know that the dehumidifiers and some central air conditioners have a built-in humidistat that tells the system to dehumidify the air to the desired point.

Setting your Humidistat or Dehumidifier

Since some humidistat sensors are inaccurate by as many as 10 percentage points, set the controls of your humidistats and dehumidifiers to 58 percent RH to maintain acceptable humidity, 

Other ways to control mold

For homes or condos without humidistat, another way to control mold when you’re away is by programming the A/C to run at 72 degrees for just two hours before sunrise and at 88 degrees the rest of the day.

But what if you don’t have a programmable thermostat? In that case, set the A/C at 77 degrees for condos or apartments and 80 degrees for single family homes and townhouses. (Remember to have the fan switch set to auto.)

If you live seasonally in the city of Port St Lucie, Florida or leave for extended periods of time, the most economical way to prevent mold in a vacant home is by using stand-alone dehumidifiers instead of A/C. Use one for every 1,000 square feet. Visit FPL.com to learn what settings are best when you’re away.  Be sure to have your home checked regularly.

We also recommend repairing any leaks around doors, windows and in your A/C ductwork, which will help minimize the amount of moisture getting into your home. We also offer a duct system testing and repair program.

We’d like to know if this helps, so feel free to leave us a comment below. Remember to refer any of your customer service questions or concerns to FPL.com/contact.

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Right Offer Price When Buying A Home

by | Buying Real Estate

Right Offer Price When Buying A Home

Right Offer Price when Buying Real Estate

Offer Price When Buying HomePlacing the right offer price when buying a home in Port St Lucie is the most crucial step in purchasing your dream home. In previous articles, we have emphasized on the methods in assisting you in locating that ideal home as soon as the listing is released to the MLS System. We also discussed the importance of the search tools and “automatic email feature” in MLS that is exclusive to Realtors along with how to stay on top of the market and act quickly. These are all designed to keep you one step ahead of the competition and get your offer in before the competition has even accessed the listing.

Now, you have found your dream home and can’t wait to move in! But first, you have to put an offer and wait for seller’s acceptance of your offer. But how much to offer that you are not over-paying for the property and at the same time it is an acceptable offer by the seller. As much as this step could make or break any deal but not to worry as your professional Realtor has all the tools available to help you with this task. Before we start with the steps in placing an offer it is important to know that most often the list price is not the realistic value of the property. There are many factors that influence the sellers in determining the list price of their homes. Seller’s high expectation along with an overzealous listing agent’s idea of getting a listing no matter what, are the main contributors to the over-valuation of a listing.

Comparable Market Analysis, CMA

The first step when it comes to listing a home by a Realtor is compiling a CMA report. This report will show comparable Active and Sold Listings, preferably during the past 3 months, within the same subdivision or 1-mile radius and with similar characteristics as the subject property. If any of the sold comps are superior or inferior in some feature the Realtor would adjust them accordingly in order to bring them to the same level as the subject property. If the sold comparable is not renovated as the listing property you should add, credit, to the price of the comp and if it is the other way around then subtract the amount necessary to do the same renovation. These adjustments are always placed on the comparable property and not the subject. This way if there are 3 comparables it will make it easier to adjust each one to become as close as to the subject as possible.

Finally, the realtor would conclude the report with an estimate of value, based on all adjusted sale prices of the Sold Comparable Properties.

Use of CMA When Placing Offers

When placing an offer it is your agent’s duty to do an informal CMA to find out both how the listing agent has come up with the price and also what is his own opinion of the price. This will shed some lights over the validity of the listing price as well. Now, you have an idea of the price of a home with the same number of bedrooms, baths, and garage with certain amenities, such as a swimming pool are sold in the same area.

Finally, it is time to place an offer that is based on the Fair Market Value of the property. If the subject property is priced 5% to 10% more than the Fair Market Value, it is very much possible that the seller and his agent have left a negotiating room or haggling room. Your Realtor could return the favor! by placing your offer for 5% to 10% below the asking price and hope for a counter offer at the Fair Market Value. Although this strategy is played in most real estate transaction but, like anything else in real estate, it is not guaranteed. There are many other factors involved when it comes to a seller’s acceptance of an offer. Some sellers are emotionally attached to the property along with all memories that they have gathered during many years of residency. Dealing with this type of sellers is more difficult because they feel they are selling all their memories and not just a house. Other sellers, on the other hand, could be in a rush to sell due to circumstances beyond their control such as relocation. The latter sellers are more flexible and sometimes would even accept an offer that is less than the price they had in mind.

Since finding the seller’s reason for the sale of their property is very difficult, we have used few technics when placing an offer to purchase a property in our area of Port ST Lucie that over time have proven to be effective. To examine these methods we first divide the for sale properties to sections; the REO Listings and Fair Market Listings. The main reason for this is the fact that REO listings are often in need of some repairs and because of that these properties are listed somewhat below the market value. The other reason is that the financial institutions that are in possession of REO or Bank Owned Properties are eager to sell them as soon as possible. This is because of the costs that are associated with the maintaining of thousands of such properties. Also, the foreclosure, REO and resale process has created an enormous amount of unwanted work for these institutions that resulted in the deviation from the routine banking system that they are not geared to deal with. The sooner they get all the REO properties off their books the sooner they could go back to what they’re structured for.

Making An Offer On Bank Owned, REO Properties

Although the steps in determining the Fair Market Value of any property remains the same for all listings but to place an offer and coming up with a right offer price for REO properties is different from the traditional listings. As previously mentioned, most REO properties are missing some or all appliances and at times are in need of some repairs. The amount necessary for the replacement of the appliances and making all repairs is the main factor when determining the offer price. The rest is a simple math. Add the dollar amount required for the repair to the listing price to come up with the Fair Market Value. Then like previous examples compare them to most recent sales of compatible properties. By then you would have an idea if the property priced right, undervalued or overpriced. In my experience, it has been very rare that we have dealt with overpriced REO properties in Port St Lucie. In rare occasions that this had happened normally, the listing had stayed in the market until the prices have dropped to an acceptable level.

For the underpriced listings, especially in the current sellers’ market in Port St Lucie, we have always suggested submitting an offer at or around the asking price. Some clients who have tried to send lower offers have been faced with rejections and loss of opportunities. In some cases when the property is grossly under-valued, we have even placed offers at above the listing price. At times, even offering over the listing price have not been sufficient enough to win the price war over other buyers. The other issue we have encountered in Port St Lucie REO market is overpaying to some listings. This is primarily due to the mistake that some buyers and their agent make by thinking that all REO properties are great deals and do not want to lose them no matter at what price. It is up to you as a buyer and your agent as a real estate professional to realize when is the time to walk away from a betting war.

Offer Price for Non-REO Listings

As mentioned earlier, the sellers motives for the sale of their home plays a major role in their flexibility on whether to accept an offer or not. Since it is difficult to figure out the sellers’ real motives, we should concentrate on the Fair Market Value of the property instead and place our offer accordingly with a little room for negotiation. Although the techniques that we have employed for placing an offer on homes for sale in Port St Lucie are very simple but they have proven to be effective. One of these techniques is to attach a copy of recent sales, both through MLS and For Sale By Owners, to our offer along with a note explaining that our pricing is based on these comps. In most cases this helps the listing agent in convincing the seller on the price of our offer. The advantage of using for sale by owner comps is that since all CMA Reports are MLS based, most agents would not bring any non-MLS sales to their estimation of the value. In this case, the seller might not have any idea of real market value due to an omission of FSBO listings. Also sometimes they are newer sales that have taken place after the listing was entered into MLS and these comps support our valuation and offer price.

In both cases, the sellers and their agent will be faced with the reality of what the fair value of the property is and most probably would not look at our offer as a low-ball offer.

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Buying a Home or Renting

by | Buying Real Estate

Buying a Home or Renting

Bying or Renting a HomeBuying a Home or Renting

Although, like any financial investment there are some risks and challenges associated with buying a home but the positive aspects of homeownership easily outweighs the risk. The exception to the rule is the unfortunate homeowners who purchased their properties during the height of the market and the artificial real estate boom of the past decade. Today’s market, however, offers a safe environment comprised of lower priced homes and all-time low interest rate. While renting was considered as playing safe in the past few years, it is an absolute waste of your money in today’s real estate market.

The Comparison Between Buying and Renting a Home

From the financial point of view, homeownership has been one of the most solid investments for the American families during the past decades. Think of paying your monthly mortgage payments like a mandatory saving plan. The more money you contribute to your mortgage amount the more savings you will accumulate. It is important to mention that although at the beginning the larger portion of your monthly mortgage payments will go towards the interest and a very small portion towards the equity but this ratio will change over time, becoming of the same value halfway through the loan. From the day you enter the second half of your mortgage, the ratio of interest rate/equity becomes more in your favor by allocating more of the monthly payments towards the equity and less towards the interest.

Another point to consider is the rising costs of the rental properties. Although the home ownership might prove to be more expensive than renting but over time, the tide will turn in homeowners favor. This is primarily due to the ever rising cost of rental while the monthly payment of any average 30-year-old mortgage will remain the same throughout the life of the loan. This means while the rental amount will adjust to the inflation rate in the coming years, paying the mortgage, on the other hand, is like an insurance that protects you against such inflation.

You receive all these benefits while enjoying the wonderful feeling of the home ownership and living in an environment that is designed by you. In comparison, many homeowners will eventually have the chance to make some improvements to their home in order to create a living area that matches their taste and personalities as well as the wants and needs of the families. But when it comes to renting any attempt to make such improvements to any rental property is either not permitted by the landlord or it becomes a waste of the tenant’s money when they move.

Most rental apartment buildings are designed to maximize the number of the rental units and there is a little chance to offer a storage space. Most landlords will not allow the slightest alteration to the rental units and some would not even allow any changes to the interior painting. In some instances. tenants are forced to live in an unsafe environment due to the landlord’s refusal to fix such problems.

Although there are many advantages in purchasing of a home but no one should take this venture lightly and become involved in a transaction that might result in the loss of their lifetime saving as well as their credit. Home buyers should always seek advice from real estate professionals who are licensed and act as an expert during the entire transaction, from finding a home, negotiating the price, all the way to the final closing day.

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