GOOD TIME TO BUY
There are signs that the housing market is starting to look healthier as many people realize it's a good time to buy a home. One of the best reasons: Uncle Sam is there to help first-time buyers, who are entitled to a maximum $8,000 tax credit on the purchase of their home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-033109.cfm

HOME SALES
Florida's existing home sales rose 24 percent in January, making it the fifth month in a row that sales activity increased year-to-year, according to the latest housing data from FAR. Florida Realtors also reported a 13 percent gain in statewide sales of existing condos last month. NAR reported that nationwide sales of existing homes - all housing types - fell 5.3 percent last month; at the same time, inventories fell to a two-year low.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-022509.cfm

HOMEBUYER TAX CREDIT
The current version of the economic stimulus contains a tax credit of up to $8,000 for first-time homebuyers only, though it does not have to be paid back if the house is owned for three years or more. The amount is far less than the $15,000 initially expected, and analysts say it will provide only a modest boost to the U.S. housing market.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-021309.cfm

"The Day the Market got better"

I was working hard in my office on new listings on Feb 9th, 2009, when my phone range.

...It was a investment prospect I had last talked to in August of 2007!!!! He was interested in making a purchase again after not have done anything in the past.., well should we say long time...
...A short time before that a land seller called that had not relisted his property, he was now ready to "do something"
...While getting my oil change, the attendant say my real estate name tage & said "I want to buy a home now!"
...a before that I had a development prospect interested again in developing a new retail center...He had been waiting things out for 9 months to a year.

It felt like that on Feb 9th, there was a surge of new activity, especially these "out of the blue" calls of people ready to get things moving again.

So I have officially labled Feb 9th as the day I reached the bottom of the market in terms of activity levels, no where left but up from here... Really throughout he start of the year, buyer, seller, prospect activity has really picked up, and I think it picked up even more in Feb of 2009.
I actually got pretty excited, I love the real estate business (even in a softer market) so I get really excited to see some activity levels coming back again.

So I am officially labeling Feb 9th, 2009 the day the market got better.

Thats all for now..I'm off to market another property, get that happy buyer & happy seller together for a wonderful deal.
Has anybody else had one of these "moments"?? I would love to hear about it. Leave me a comment.
Chad.
www.chadstewart.com

COMMERCIAL
The commercial real estate industry applauded the government's move to include commercial mortgages in a key lending program Tuesday, but experts said the plan's lack of details is disconcerting.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-021109.cfm

MARKETING
Many potential buyers think they won't qualify for a mortgage, and that they must have a substantial downpayment first. But some Realtors are using that information to their advantage, hosting "Why Rent Events" that instruct shoppers on how to buy a home right now.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-020409.cfm

Here are some things to watch for when shopping for homes or land online... I have designed my www.chadstewart.com website to be automatically updated dailey with accurate information, but still contacting a Realtor directly is the best way to get best info.
Thanks. Have a great day.

ONLINE SHOPPERS NEED YOU.
Home shopping alone - without the help of a professional even when online - can become a huge handicap for home buyers. Here are four reasons:

• Late information. Shoppers who limit themselves to only looking at real estate Web sites will overlook some very good properties, possibly one that is perfect for them, and they won't get up-to-the minute information.
• Fake listings. Web operators sometimes try to collect page views with fake listings to pump up their advertising returns, and that wastes the time of real home shoppers. It's also frustrating for shoppers to find an interesting home that's not available.
Questionable information. Home value Web sites only go so far. Sites like Zillow.com and Cyberhomes.com put prices out there that may or may not be an accurate reflection of neighborhood or housing value. Working with a professional means the buyer gets the benefit of a broader range of knowledgeable resources.
• Process help. Once a home shopper has found a property, working with a pro means they'll follow the right path to close the deal. For anyone except experienced investors, going it totally alone can be risky.

MORTGAGES
Don't believe everything you read, says NAR. As part of a housing story, a number of media outlets say buyers now need a 20 percent downpayment to get into a home, which is not true. FHA mortgages, for example, require only a 3.5 percent downpayment.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-010609.cfm

FLORIDA CONSUMER CONFIDENCE
Consumer confidence among Floridians rose five points to 67 in December, reflecting optimism about new presidential leadership in 2009, a University of Florida study finds. Housing prices continue to fall, although some areas of Florida appear to have turned the corner and may benefit from the spring real estate season, says Chris McCarty, director of UF's Survey Research Center.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-010509.cfm

Home Affordibility

Wow!! the National Association of Realtors just released the affordibility index for November 2008, it has reached 142...

On this index the higher the number the more affordable it is to buy a home based on interest rates, median home prices, and median income ...

This truly is one of the best times to purchase a home even in the past 20 to 30 years!!!

Great rates, Great prices, things are looking good for 2009.

Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. The mortgage giant says renters who can make their monthly payments could be offered a new lease or given cash to help move to a new home.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-121608.cfm

REAL ESTATE TRENDS
When the economy shrinks, so does the size of housing, sending the popularity of tiny apartments and condos soaring as construction costs rise and financial markets fall. Developers are also responding to buyers' penchant for urban living and their environmental awareness.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-120808.cfm

HOME SALES
For the second month in a row, Florida's existing home sales rose in October: Florida Realtors reported a 15 percent increase in activity in the year-to-year comparison; last month's sales of existing condos statewide increased 5 percent in the year-to-year comparison. Meanwhile, NAR reports that existing-home sales fell 3.1 percent from the strong gain seen in September.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-112408.cfm

Right now, yes in the year 2008, is the most affordable time to purchase a house in the last 35 years...
Based info from the NAR (National Association of Realtors), every year, the combination of median single family home price, family income, qualifying income, interest rates = the Housing affordibility index.
Here is how it works, a score of 100 means a family has the exact amount of income to qualify for a home, a score of 120 means a family has 120% of the income needed, therefore making it actually more affordable & the home mortgage payment a smaller portion of their bills.. http://www.realtor.org/research/research/hameth
So, we need to spread the word!!, there is no technical, financial, or analytical reason not to buy a home..
Not only is it the classic rallying cray of a "Great time to Buy" but its actually the "BEST time to Buy in out of the past 35 years"!!!!
Wow!! That is something to write home about... or at least to write to customers about homes about...
US HOUSING AFFORDABILITY INDEX is NOW 135

RESPA REFORM
Good Faith Estimates will be standardized effective Jan. 1, 2010, under rules issued by HUD yesterday. The change, HUD says, will save consumers $700 at the closing table by making it easier to compare mortgage offers from competing banks.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-111308.cfm

FHA LOANS
Starting Jan. 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low-cost areas, and up to $625,500 in high-cost areas. While the February stimulus package temporarily raised the FHA maximum higher, $625,500 still represents a significant increase over the original $362,790 limit.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-111208.cfm

Clippings from Lake City Reporter... all credit goes to Lake City Reporter and/or Forbes.

http://www.lakecityreporter.com/articles/2008/11/09/news/doc49166a61004de174884352.txt

In the most recent issue of Forbes, the magazine lists the most and least vulnerable towns in the United States. Using criteria that focuses on 141 micropolitan areas in the nation, Lake City ranks 95th out of the 141 — the higher the ranking, the better, Forbes explained.

Of the Florida cities listed, only one — Key West, which is labeled the second least vulnerable town in the U.S. — ranks higher than Lake City.

Obama Will Support Housing, Says NARPresident-elect Barack Obama is likely to make a housing market recovery a central part of his economic revival plan, NAR leaders said Thursday.

COMMERCIAL
Citizens Property Insurance Corp. announced that it will begin offering a Commercial Nonresidential Multi-peril (CNR-M) policy on Nov. 17, 2008. This new policy will be available to eligible nonresidential entities statewide.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-110408.cfm

Good article. It looks like we have turned the corner and are on our way!
http://www.floridarealtors.org/NewsAndEvents/n2-103008.cfm